Cairo, May 19, 2018 – In accordance with the regulation of the Egyptian Exchange, Beltone Financial Holdings (BTFH) announces that its board meeting dated May 19, 2018 approved in principle to engage in a process potentially leading to the acquisition of a significant interest in Oragroup, a prominent bank in Africa with 143 branches serving over 400,000 clients in 12 African countries in western and central Africa. Oragroup reported strong results in 2017 with a net income up sharply by 45% to USD 40.1 million.
In this context, BTFH intends to sign a non-binding offer to set out the indicative terms for a possible transaction. BTFH further intends to conduct a preliminary financial feasibility study for the transaction before commencing a comprehensive and non-exclusive due diligence process to reach an agreement with respect to the possible transaction and the execution of the relevant implementation agreements.
The consideration of this transaction is in line with the company’s plan to grow its investments and expand in the market of financial services on the African continent. BTFH intends to keep the public informed with any development in accordance with its principles of transparency and disclosure.
About Beltone Financial Holding
Beltone Financial is a leading regional investment bank, offering a full range of financial services to companies, institutions and high-net-worth individuals in the Middle East, Europe, North America, and Asia. Beltone is the largest asset manager in Egypt with c. EGP 30 bn in AuM and a leading provider of independent equity research in the region. The firm’s track record includes the execution of over EGP 100 bn in M&A and capital markets transactions. Beltone is present on ground in the US through its subsidiary Auerbach Grayson, a New York-based brokerage and placement agent with access to over 125 markets globally. Beltone is listed on the Egyptian Exchange trading under BTFH.CA.