Beltone Financial Holding has disclosed that it has received a non-binding initial offer from WM Consulting, through an alliance with strategic investors, to submit a non-binding initial tender offer to acquire not less than 51% and not more than 90 % actions. of Beltone Financial Holding Company at an initial price of EGP 1.35 per share.

Sources told Daily News Egypt that Beltone is awaiting approval from the Financial Regulatory Authority (FRA) to allow the alliance to begin the due diligence process.

They pointed out that Beltone’s board was to hold a meeting to discuss the offer and appoint legal counsel.

The company said the proposed price is subject to change in light of the company’s due diligence review of financial, tax, legal, technical and other matters.

Beltone Financial Holding’s profit increased by 0.5% in the first quarter of this year to EGP 3.83 million, compared to a net profit of EGP 3.8 million in the same period last year .

The company’s revenue increased in the first three months of this year to EGP 64 million from EGP 39 million in the same period last year.

Last September, the FRA approved the publication of an information report in order to continue the procedures for increasing the issued and paid-up capital of Beltone Financial Holding Company in accordance with the provisions of Article 48 of the Listing Rules on the Stock Exchange Egyptian. , regarding the decision of the Board of Directors of September 20, 2021.

The authority said that the company’s board of directors had agreed to increase the capital from EGP 891.3 million to EGP 926.95 million, an increase of EGP 35.65 million in cash. The authority added that the increase is spread over 17.82 million shares, with a nominal value of EGP 2 per share, and is allocated to the reward and incentive system in accordance with Article 48 of the rules. listing on the Egyptian Stock Exchange.

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