Wednesday, Jan 18, 2012
CAIRO (Zawya Dow Jones)--The chairman and chief executive of Cairo-based Beltone Financial Holding (BTFH.CI) has agreed to sell his entire 20% stake in the Egyptian investment bank to Al Arabiya for Investment and Development, Al Arabiya said.
In an emailed statement, Al Arabiya, an Egyptian investment company, said it agreed to purchase the Beltone shares for 16 Egyptian pounds ($2.67) each.
Beltone has 8.37 million outstanding shares, according to Zawya.com data, putting a value on the deal of EGP26.8 million.
Beltone chairman and chief executive Aladdin Saba announced last month that he was in negotiations to sell his stake in the company.
-By Matt Bradley; Dow Jones Newswires; +201-8875 0572 matt.bradley@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
18-01-12 1423GMT
