Sale of Egypt’s Beltone Financial gets 97.3 pct shareholder approval – source

Shareholders in Egypt’s Beltone Financial have agreed to sell 97.3 percent of shares in the financial services company to Orascom Telecom Media and Technology (OTMT.CA) and investment bank Act Financial, a source with knowledge of the matter told Reuters Thursday.

“The final response rate is 97.3 percent for the offer to buy Beltone,” the source said, without giving more details.

“The transaction will be settled during the next week, from Sunday to Thursday,” he said.

Last month, Orascom Telecom and Act Financial said they were seeking to acquire 100 percent of Egypt-based financial services company Beltone in a transaction valued at 650 million Egyptian pounds ($83.01 million).

Orascom Telecom is a holding company with investments in media and technology, cable business and, more recently, energy, transport and logistics. It is also looking to broaden its focus to the financial services sector.

Orascom Telecom’s CEO Naguib Sawiris had previously tried to acquire EFG Hermes, the largest investment bank in the Middle East, through his New Egypt Investment Fund but the bid was unsuccessful.

Act, founded earlier this year, is an investment bank specialising in securities brokerage, asset management and investment.