Beltone sells 11.2% stake to a group of investors, OTMT sells 7%
Majority shareholder of Beltone Financial sold 11.2% of its shares to a group of investors representing financial institutions and investors from the US, GCC, and Egypt at EGP 13.26 per share. ACT Financial sold a 4.44% stake in Beltone, reducing its holdings to 9.56% and Orascom Telecom Media and Technology (OTMT) says it sold a 6.73% stake, reducing its ownership to 70%, according to bourse disclosures. Following the sale, Beltone Financial now has 22.7% of its shares in free float. The sale “reflects the desire of foreign investors to inject more investments in the Egyptian market,” Beltone says. Beltone is now considering issuing global depository receipts on the London Stock Exchange, the company noted.
… Separately, OTMT said it has also signed a memorandum of agreement with Inertia for Engineering and Trading to acquire at least 51% of its shares.