Beltone Financial Holding announced Monday that it signed the final purchase contract for 100% of the shares of Cash Microfinance Company, directly or indirectly, through Beltone Financial and its subsidiaries. The deal is subject to the approval of the Financial Regulatory Authority (FRA), per the legal rules and procedures.
Beltone had previously obtained a no-objection from the FRA to proceed with the due diligence procedures for Cash Microfinance, based on the FRA’s Board of Directors Resolution No. 53 of 2018 and its amendments, as well as the decision of the FRA’s competent committee held on 6 August 2023.
In a statement sent to the Egyptian Exchange on Monday, Beltone referred to its disclosure dated 31 July of last year regarding the signing of a memorandum of understanding to acquire an Egyptian company licensed by the FRA to practice microfinance activity.
Cash Microfinance operates in Upper Egypt, with its headquarters in Minya governorate. It was established in 2020.
