Cairo – Mubasher: Orascom Telecom Media and Technology Holding’s (OTMT) board of director agreed to sell a 7% stake in Beltone Financial Holding to the company’s main shareholder.
The board has assigned chairman Naguib Sawiris to sign the required or proposed contracts and documents for completing the transaction, OTMT highlighted in a bourse filing on Thursday.
Beltone’s capital amounts to about EGP 200 million distributed over 169 million shares at a par value of EGP 2 per share.
Meanwhile, OTMT’s capital stands at around EGP 2.2 billion divided over 5.2 billion shares at a nominal value of EGP 0.42 per share.
OTMT owns a 76.74% stake in Beltone and aims at selling 11.83 million shares of it, according to Mubasher statistics.
