Cairo – Mubasher: ACT Financial has sold a 4.67% stake in Beltone Financial Holding, according to a statement to the Egyptian Exchange (EGX) on Tuesday.
The company reduced its stake to 4.89% from 9.56% after selling 7.858 million shares for EGP 42.437 million at an average price of EGP 5.4 per share, Beltone Financial Holding said in the statement.
In November 2015, Orascom Telecom and ACT Financial acquired Beltone Financial Holding in a deal worth EGP 650 million.
During the first half of 2019, Beltone Financial Holding suffered losses of EGP 48.4 million, compared to EGP 887,025 in the year-ago period.
Meanwhile, revenues dipped to EGP 261.4 million in H1-19 from EGP 361.6 million in H1-18.
During the second quarter of 2019, Beltone’s net losses stood at EGP 34.09 million, compared to EGP 10.8 million in the prior-year period.
As for standalone business, the company incurred losses of EGP 20.9 million in H1-19, compared to EGP 14.4 million in H1-18.
