Cairo – Mubasher: The board of Beltone Financial Holding has agreed to acquire a controlling stake in Oragroup, which owns banks in 12 African countries.

The board will assign the company’s chairman, vice chairman, or managing director to sign a non-binding offer to set out indicative terms for the transaction, Reuters reported.

The board also agreed to hire a financial, legal, and technical advisor for the transaction to begin due diligence and start talks with the sellers.

In February 2018, the investment bank said it was seeking new acquisitions in frontier and emerging markets.