Sawiris’ Beltone Financial acquires Arab Finance for $2.6mn

The board of directors of Beltone Financial Holdings (BFH) approved the 100% acquisition of Arab Finance for 23 million Egyptian pounds (US$2.6 million)  and 70% of Micro Finance Enterprise Services Company (Reefy).

The company said in an official statement Sunday that Pharos Holding was selected as an independent financial advisor for the Beltone-Reefy deal.

During their meeting, the board officially approved the 100% acquisition of CI Capital for EGP 924m.

Business tycoon Naguib Sawiris, the owner of Orascom Telecom, of which BFH is a subsidiary, claimed on Saturday that the National Security Apparatus is responsible for delays in finalising the Beltone-CI Capital merger. He claimed that the apparatus was involved in a bid to prevent him from acquiring a large firm.

Moreover, earlier this month, Sawiris said that, following the finalisation of Beltone’s acquisition of CI Capital, the companies will acquire an electronic brokerage company in Egypt.

He noted that a specific brokerage company is targeted, but refused to disclose its name. He stated, however, that the size of the company is “small, not big”.

Source: Daily News Egypt