|
|
Article: News in brief.
- Article from:
- Daily News Egypt (Egypt)
- Article date:
- November 8, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Egypt's Pioneers to buy Beltone Financial
Egyptian financial services firm Pioneers Holding will take over investment bank Beltone Financial in an all-share deal.
Pioneers shares were up 7 percent at LE 7.15 ($1.31) by 1149 GMT, valuing the company at LE 3.575 billion ($654 million). The stock had jumped by a similar margin last Wednesday when talks between the firms first came to light.
Pioneers, with a leading position in Egypt's retail market, said it would issue 100 million new shares to give Beltone shareholders a 17 percent stake in the merged firm.
The management of the two firms will remain separate and unchanged but both will ...