The chairman of Beltone Financial has agreed to sell his 20 percent stake in the Egyptian investment bank to Arabiyya Lel Estithmaraat (AIC), the stock exchange said on Wednesday.
"It was agreed that AIC will buy 20 percent of the company's (Beltone) shares owned by the chairman," the bourse said in a statement. AIC is an Egyptian investment firm.
AIC said in an emailed statement that it paid 16 pounds per share, which would value the sale at 26.8 million Egyptian pounds.
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