WM Consulting offers to acquire majority stake in Beltone Financial

WM Consulting offers to acquire majority stake in Beltone Financial

Beltone Financial Holding revealed that it had received a non-binding initial offer from WM Consulting, through an alliance with strategic investors, to submit a non-binding initial purchase offer to acquire no less than 51% and not more than 90% of the shares of Beltone Financial Holding Company at an initial price of EGP 1.35 per share.

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

They pointed out that Beltone’s board of directors is scheduled to hold a meeting to discuss the offer and appoint a legal advisor.

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

The profits of Beltone Financial Holding increased by 0.5% during the first quarter of this year, to reach EGP 3.83m, compared to a net profit of EGP 3.8m during the same period last year.

The company’s revenues increased during the first three months of this year to reach EGP 64m, compared to EGP 39m during the same period last year.

Last September, the FRA approved the publication of a disclosure report in