The chairman and chief executive officer of Egypt-based investment bank Beltone Financial Holding (BFH) Aladdin Saba is expected to choose a buyer by the end of this week for his 20 per cent stake in the firm.
One of the interested parties is Mohamed Ali Kamel Metwalli, chief executive officer of El-Arabia Investment & Development a local investment company.
“There is no more information concerning this issue, he [Saba] will make a decision during this week,” says a spokesperson for BFH.
Beltone has a market capitalisation of £E109m ($18m) and Saba’s stake in the investment bank is 19.99 per cent. BFH has been keen stress that the negotiations are not final. In a statement emailed to the press, BFH stated that the negotiations were in the initial stages with “an investor”.
Saba is expected to step down from his posts at the company, but it is unclear who will replace him as chairman and CEO, the decision is will depend on the new buyer.
News of the sale helped BFH’s stocks rise 5 per cent to £E13.51 ($2.24) on 28 December the highest in a month. The company was able to retain the price the following day before the close of the Egyptian Exchange.