Beltone Financial signed a memorandum of understanding on Sunday with the objective of acquiring an Egyptian company licensed by the Financial Regulatory Authority to practice mi- crofinance activities. The company in question is Cash for Microfinance, sources close to the matter told Daily News Egypt.
According to the memorandum, Beltone will carry out a full due diligence process after obtaining the regulatory approvals that are binding to carry out this due diligence in preparation for completing the potential acquisition, whether directly through Beltone or one of its subsidiaries.
The potential acquisition process is linked to the due diligence as well as the regulatory approvals to start the assessment or acquisition; hence all market participants dealing on the Company’s shares must consider that said potential acquisition process may or may not occur.
The Company will announce the conclusion of the due diligence process immediately after completing the process and obtaining all applicable regulatory approvals.
The Company’s issued and paid-up capital currently stands at EGP 10,926,957,496 distributed over 5,463,478,748 shares.