Cairo-Mubasher: Beltone Financial announced Thursday that it has  received a letter of intent from both Orascom Telecom Media and Technology Holding (OTMT) and Act Financial, as they seek to acquire 100% of the company's shares.

The deal value is estimated at nearly EGP 650 million, which is equivalent to EGP 4 per share, said a bourse statement.

OTMT will contribute 87% in this offer, while Act Financial will hold a share of 13%.

Following the bid submission, the deal's parties will run a due diligence process, noted the bourse statement.