Beltone submits agreement to acquire 100% of Cash

CAIRO – 5 September 2023: Beltone Financial Holding submitted a share purchase agreement to acquire 100 percent of Cash, the microfinance provider, according to a disclosure the company submitted to the Egyptian Stock Exchange (EGX). The deal will be finalized after the Financial Regulatory Authority submits its approval.

This came after Beltone finalized its due diligence process on the microfinance provider. The acquisition of Cash will be executed through the company and a number of its subsidiaries, according to the EGX disclosure. No further details on the deal were disclosed.

Beltone got an approval from the Egyptian Financial Regulatory Authority (FRA) to proceed with the due diligence procedures earlier in August 2023. This followed the memorandum of understanding (MoU) they signed to acquire Cash.

Beltone Financial specializes in the domain of non-banking financial services, and the Emirati firm Chimera assumed a controlling interest of 56 percent in Beltone subsequent to its purchase from Orascom Financial Holding in August 2022. The company raised its capital by LE 10 billion in July.