Cairo – Mubasher: Beltone Financial Holding announced that its wholly owned subsidiary Beltone Capital and its investment platform NEPIT plan to acquire a 51% stake in the National Seeds Company (NSC).
Beltone highlighted that the transaction is valued at EGP140 million, adding that the shares to be sold are among the shares owned by Cairo Capital for Financial Investments, according to a press release.
NEPIT is expected to finalise the acquisition before the end of 2023 after concluding all legal procedures and receiving the regulatory approvals in line with the EGX listing rules and regulations.
If NSC achieves the agreed-upon operational and financial results, NEPIT would make additional payments of up to EGP166 million over a number of tranches.
The transaction value is capped at a maximum of EGP 306 million in case NSC fulfills the operational and financial requirements.
In the first nine months (9M) of 2023, Beltone recorded consolidated net profits valued at EGP 85.77 million, compared to net losses after tax of EGP 139.88 million in 9M-22.
