Beltone completes microfinance unit takeover, looks for more deals

Egypt’s investment bank Beltone Financial has completed the acquisition of micro finance enterprise Reefy and is looking into more upcoming deals, its vice chairman Magued Shawky announced Monday.

Beltone is studying carrying out a number of new acquisitions of some firms working in non-banking financial activities in Egypt, Shawky said in an economic conference in Cairo.

Reefy is with a capital worth 100 million Egyptian pounds ($5.6 million).

Pharos Holding was selected as an independent financial advisor for the Beltone-Reefy deal, which reached 105 million pounds.