Orascom Financial Holding (OFH) will use proceeds from the sale of its entire 55.9% stake in Beltone Financial Holding (BTFH) to launch a venture capital (VC) fund, according to a filing to the Egyptian Exchange (EGX) on August 21st.
The initial size of the VC fund will range between EGP 300 million and EGP 500 million, OIH noted.
Moreover, a portion of the deal’s proceeds will be invested in OFH’s fintech startup Klivvr, the company said.
The company noted that Beltone’s deal will give it more flexibility in the exploration and utilization of new investment opportunities that are compatible with its long-term vision and objectives.
On August 4th, Orascom Financial Holding (OFH) sold its entire 55.908% stake in Beltone for EGP 384.795 million at an average price of EGP 1.485 per share to the Abu Dhabi-based private investment firm Chimera Investments.
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