Cairo – Mubasher: Beltone Financial Holding has received a preliminary non-binding offer from WM Consultancy Company to acquire a controlling equity in the listed firm.

In alliance with strategic investors, WM Consultancy plans to acquire between 51% and 90% of Belton’s shares for EGP 1.35 per share, according to a recent bourse filing.

The listed company pointed out that the proposed price could be modified based on due diligence on tax, financial, legal, as well as technical and other matters. However, the final purchase price will be determined upon the buyer’s interest.

Meanwhile, the transaction offer is subject to approvals of Beltone’s shareholders and board of directors.

It is worth noting that during the first quarter (Q1) of 2022, the financial services firm achieved consolidated net profits worth EGP 3.83 million, higher than EGP 3.80 million in Q1-21