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Shareholders of Beltone Financial sell 11.2% stake to local, foreign investors

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Shareholders of Beltone Financial sell 11.2% stake to local, foreign investors

Egypt-based Beltone Financial Holding SAE's majority shareholders sold an 11.2% stake to a group of financial institutions and investors from the U.S., Gulf Cooperation Council countries and Egypt as part of efforts to create more stock liquidity in the country.

Beltone Financial said Dec. 21 that 22.7% of its shares will be in free float after the transaction.

Meanwhile, Orascom Telecom Media and Technology Holding SAE's board approved the sale of a 7% stake in Beltone Financial, in which the company has a 76.74% stake, according to the Mubasher news service.