< Arab Finance - News - Beltone receives non-binding offer for up to 90% stake
Count Down to relaunch



Beltone receives non-binding offer for up to 90% stake

Beltone receives non-binding offer for up to 90% stake

Arab FinanceBeltone Financial Holding (BTFH) has received a preliminary non-binding offer from WM Consultancy for the acquisition of a majority stake of between 51% and 90% in the company, according to a filing to the Egyptian Exchange (EGX) on June 6th.

The indicative price of the offer has been estimated at EGP 1.35 per share, which is subject to changes depending on the due diligence.

The offer has been presented through a consortium of strategic investors.

WM Consultancy said that the offered price is subject to changes based on the due diligence of financial, legal, and technical aspects of the deal, in addition to taxes.

The final price of the deal will be determined by the buyer, the company added.

WM announced that execution of the transaction and setting of the final price are contingent on many conditions including an approval from the Financial Regulatory Authority (FRA) for the initiation of the due diligence and the buyer's satisfaction of the results thereof.

Conditions also included not conducting any changes to Beltone's management or assets, distributing any dividends, changing the company's financial structure, or exiting any investments during the period between the submittal of the non-binding offer and the finalization of the deal.

The offer is effective for 60 days as of June 2nd.

It is worth noting that Beltone’s consolidated profit after tax rose slightly to EGP 3.835 million in the first quarter (Q1) of 2022, from EGP 3.804 million in the same period a year earlier.

Beltone is an Egypt-based company, which operates within the diversified financial sector focusing on investment banking and brokerage.

The company develops an online trading platform, called Beltone Trade, as well as provides brokerage services, asset management, investment banking, liquidity services in regional markets, and research and analysis services.

Recommended Stocks

13 Jun 2022
Delta Sugar SUGR
Close
20.67
Change
13.95
Hold

All rights reserved to Arab Finance 2020 ©

Back to top