Beltone's capital hike to finance acquisition

Cairo – Mubasher: Beltone Financial Holding (BFH) has announced that the acquisition of Oragroup, which owns banks in 12 African countries, will be funded by various self-funding measures.

Oragroup achieved $40.1 million net profit in 2017, according to a bourse statement released on Sunday.

The approved EGP 1 billion capital increase will be used to pay debts related to the acquisition of the US Auerbach Grayson Company, BFH revealed.

The capital hike will also support BFH’s asset management business and finance its investment funds.

Beltone Financial Holding’s capital amounts to around EGP 200 million divided into 169 million shares.