Beltone to acquire an Egyptian microfinance company

CAIRO - 1 August 2023: Beltone Financial Holding signed a memorandum of understanding (MoU) Monday with the objective of acquiring an Egyptian company licensed by the Financial Regulatory Authority to practice microfinance activities. This came in an Egyptian Exchange (EGX) disclosure.

According to the MoU, Beltone will carry out a full due diligence process after obtaining the binding regulatory approvals in preparation for completing the potential acquisition, whether directly through Beltone or one of its subsidiaries.

“The potential acquisition process is linked to the due diligence as well as the regulatory approvals to start the assessment or acquisition, hence all market participants dealing on the company's shares must consider that said potential acquisition process may or may not occur,” the statement read.

Beltone has subsidiaries that work across finance and investment sectors such as brokerage, investment banking, asset management, equity research, and private equity, in addition to end-to-end non-banking financial institutions (NBFIs) including leasing, factoring, consumer finance, venture capital, and microfinance.