CAIRO: Egyptian investment firm Arabiyya Lel Estithmaraat’s (AIC) said on Thursday it had sold its 9.56 percent stake in investment bank Beltone Financial Holding.
AIC sold its 800,000 shares to MM Group for Industry and International Trade for LE 13.87 ($2.30) each, the stock exchange said, valuing the deal at LE 11.1 million.
AIC had previously sought to buy Egyptian businessman Aladdin Saba’s 20 percent stake in Beltone at 16 pounds per share, but the deal foundered last week after Beltone rejected some of AIC’s demands.
Saba, who was chairman of Beltone, was to have resigned his post once AIC had bought his shares.
Beltone’s share closed 6.1 percent lower at LE 13.02, while the benchmark index rose 0.9 percent.
