Cairo – Mubasher: Arabia Investments, Development and Financial Investment Holding Co. said it rejected the non-binding offer submitted by BPE Partners (formerly Beltone Private Equity) in partnership with Sigma capital, to buy Arabia Investments’ stake in Upper Egypt Investment Company (UEICO).

Arabia Investments stated that the offer price wasn’t suitable and didn’t reflect the company’s fair value.

Arabia Investments owns 80% stake equivalent to 160,000 stocks in UEICO.