Cairo – Mubasher: Beltone Financial Holding gave the green light to acquiring a 70% stake of Reefy - Micro Finance Enterprise Services Company at EGP 105 million, said the company in a bourse filing.

Further, the board of directors approved on Monday the independent financial advisor’s report, Pharos Research, on the fair value of Reefy’s stock, Beltone added.

The fair value was set at EGP 70.09 per share.

Reefy, in which Naguib Sawiris has an indirect stake of 60%, operates with paid-in capital amounting to EGP 22.5 million.