M&A WATCH- Zeta Investments has raised its stake in Beltone Financial to 4% from 3.1%, it said in a statement (pdf) to the EGX yesterday. The Hong Kong-based investment firm purchased some 4.6 mn shares for almost EGP 17.4 mn.

Other things we’re keeping an eye on this morning:

• A project to roll out modern, water-efficient irrigation systems to 3.7 mn feddans nationwide over the next three years has kicked off in Qalyubia Governorate.
• State grain buyer GASC has called off an international wheat tender that was slated for delivery over 21-31 August, without providing a reason for the cancellation. One European trader attributed the move to expensive freight rates.
• Egypt’s public prosecutor has denied state involvement in the abduction and killing of Italian student Giulio Regeni, two weeks after an Italian judge agreed to put four members of the security forces on trial in October citing “sufficient evidence.”