Egypt's Pioneers Holding and Beltone Financial have said their shareholders have approved a plan for Pioneers to take over Beltone, Reuters has reported. Under a merger agreement concluded in March, the new firm will be called Beltone Holding, and Beltone's chief executive, Aladdin Saba, will be its managing director, Saba said at the time. According to the all-share merger, first announced in November, Pioneers will issue 100 million new shares for Beltone's shares, giving Beltone's owners a stake of about 17% in the merged firm.