Beltone Capital, a subsidiary of Beltone Holding, has entered into a put option agreement to acquire a majority stake in African financial services provider Baobab, according to a press release.

This move endorses the Egyptian company’s regional growth strategy by expanding and entering into African markets.

Baobab operates across seven African countries, including Senegal, Côte d'Ivoire, Madagascar, Burkina Faso, Mali, Democratic Republic of Congo, and Nigeria.

Group CEO of Beltone, Dalia Khorshid, said: “This marks a significant milestone in our strategic data driven expansion into high-potential and digitally scalable African and Emerging Markets.”

Khorshid noted: “We are committed to a transformational impact in financial services backed by Data Science and AI to ensure ongoing sustainable growth.”

The board members of Beltone have approved obtaining a shareholder loan to finance the acquisition upon signing a binding share purchase agreement and obtaining regulatory approvals.

Meanwhile, the majority equity acquisition deal would emphasise Beltone’s ambition to drive innovation, deliver long-term value, and broaden its footprint across the region.

The company recently passed proceeding with all legal and regulatory procedures for raising the issued capital by EGP 10.75 billion as well as doubling the authorised one.

During the first nine months (9M) of 2024, Beltone recorded higher consolidated net profits after tax at EGP 1.20 billion while its standalone net profits hit EGP 650.17 million.

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