Orabank rejects Beltone’s stake acquisition offer

Cairo – Mubasher: Beltone Financial on Monday announced that its offer to acquire a controlling stake in Orabank has been rejected.

The African banking group turned down the Egyptian investment bank’s request as the two parties hadn't reached a deal over the transaction’s financial terms, according to Beltone’s statement to the Egyptian Exchange (EGX).

In May, Beltone Financial’s board of directors approved to acquire large stake in Orabank, which has branches in 12 African countries.

Beltone generated a net profit of EGP 760,200 in the first quarter of 2018, against incurring EGP 8 million in losses during Q1-17.

Mubasher Contribution Time: 27-Aug-2018 11:37 (GMT)
Mubasher Last Update Time: 27-Aug-2018 11:55 (GMT)