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Egypt's Beltone says chairman in talks to sell stake

Reuters, Tuesday 27 Dec 2011

Beltone chairman, ALaa Saba, owning 20 per cent of the company, negotiates the sale of his stake but no agreement has been reached yet

Beltone
Beltone says the deal has not been concluded yet

Egyptian investment bank Beltone Financial said on Tuesday its chairman, Aladdin Saba, has been negotiating to sell his stake in the bank but no agreement had yet been reached.

According to Reuters data, Chairman Alaa Saba owned 19.99 per cent of the bank's shares as of June 30.

"We would like to inform you that the chairman and managing director of Beltone Financial Holding is in preliminary negotiations to sell his share of the company to an investor, and that these negotiations have not yet been concluded," the company said in an email statement.  

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