(2015-10-08) OTMT, Act submit letter of intent to acquire Beltone Financial Orascom Telecom Media and Technology Holding S.A.E. (OTMT) and Act Financial (Act) announced that they have submitted a letter of intent to acquire 100% of Beltone Financial Holding (BTFH) , amounting to 162,741,798, subject to a satisfying due diligence.
It is worth noting that OTMT’s share of the offer is 87% and Act’s share of the offer is 13%, the transaction value is estimated at up to LE 650,000,000, (LE4 per share).
OTMT estimates the transaction to be executed within Q4 2015.
Naguib Sawiris, Chairman and CEO of OTMT, commented: “We are very happy to explore such opportunity as it resembles an important milestone in the execution of OTMT’s new strategy of penetrating new lines of business mainly in the financial sector, in addition to, the energy sector and the logistics sector among other business lines that would create value for our shareholders. We look forward to a successful transaction with Act financial, our new strategic partner in the financial sector
