By: Amr Adel
Dubai - Decypha: Vice chairman of Beltone Financial said in an interview with Mubasher that his company is reviewing some acquisition opportunities within the financial services sector in foreign markets, aiming to carry out one in Europe.
Maged Shawky also said that Beltone recently completed the acquisition of Auerbach Grayson, the New York-based brokerage firm, adding that the company is targeting another acquisition in Europe.
Since Orascom Telecom and Act Financial acquired a governing stake in Beltone, it has been seeking expansion in emerging markets, the vice chairman added during an interview on the sidelines of launching the trading platform for exchange-traded funds (ETFs) in Dubai.
Beltone is focused on the Gulf region, especially after recently carrying out a partnership with Arqaam Capital, Shawky indicated, adding that the company will transfer its expertise to the UAE by working as a market maker for funds there, based on its experience with the already existing, similar infrastructure of the Egyptian Exchange (EGX).
The company has dedicated around EGP 1 billion to finance expansion and acquisition plans in 2017, he added, noting that Beltone is expecting to see an increase in its capital by a maximum of EGP 1 billion, as it has obtained the required approvals.
Beltone is still anticipating the suitable time for the capital hike, which is expected to take place during the first half of the current year.
Part of the capital increase will finance the acquisition of the American firm, while the remaining will fund other acquisitions, such as the deal to acquire Reefy, which is subject to the approval of the Egyptian Financial Supervisory Authority (EFSA), he further explained.
Shawky also revealed that Beltone is considering to launch a real estate fund, with the option currently being studied. It does, however, require some legislative amendments, he added.
According to Shawky, Beltone is planning two or three intitial public offerings (IPOs) in the Egyptian Exchange (EGX), depending on market conditions.
Translated by: Moslem Ali
