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CAIRO – 20 May 2018: Beltone Financial Holdings (BTFH) announced the approval of its board to acquire a controlling stake in Oragroup, which is a bank in Africa with 143 branches serving over 400,000 clients in 12 African countries in Western and Central Africa.
The company said in a statement that this transaction comes in line with the company’s plan to grow its investments and expand in the market of financial services in the African continent.
It added that it intends to sign a non-binding offer to set out the indicative terms for a possible transaction.
“BTFH further intends to conduct a preliminary financial feasibility study for the transaction before commencing a comprehensive and non-exclusive due diligence process to reach an agreement with respect to the possible transaction and the execution of the relevant implementation agreements,” the statement added.
Oragroup’s net income in 2017 increased 45 percent to $40.1 million.
Beltone reported earnings after minority amounting to LE 9 million in 2017, compared to LE 44 million in 2016.
Beltone Financial Holding is a public company, listed on the Egyptian Exchange since April 2008. It operates within the diversified financial sector focusing on investment banking & brokerage with 20 subsidiaries operating across Egypt, Lebanon and China.