Cairo – Mubasher: Orascom Investment Holding (OIH) sold its entire stake of 74.55% in Beltone Financial Holding.

The deal involved the trading of 332.23 million shares at a total value of EGP 900.34 million, averaging EGP 2.71 per share, Beltone said in a bourse disclosure on Thursday.

Beltone said in a separate statement that the spinoff company Orascom Financial Holding (OFH) purchased 332.23 million shares or 74.55% stake in Beltone Financial Holding for a value of EGP 900.34 million.

Beltone Securities Brokerage acted as a broker in the transaction.

This deal is part of the horizonal demerger conducted by OIH to spin out several financial services companies into OFH.

During the first nine months of 2020, Beltone incurred net losses of EGP 35.92 million, down from EGP 88.31 million in the corresponding period a year earlier, including minority shareholders’ rights.