Beltone Financial Holding (“Beltone”), one of the fastest-growing financial institutions, announces that its wholly owned subsidiary Beltone Capital and its investment platform NEPIT, which specialize in the agriculture and food manufacturing sector, are in the process of acquiring 51% stake in The National Seeds Company (“NSC”), a key player in seeds and agricultural crop production for EGP140 million, noting that shares to be sold are among the shares owned by Cairo Capital for Financial Investments. NEPIT will be entitled to any dividends to be distributed on those shares.
NEPIT expects to finalize the acquisition prior to year-end, post concluding all legal procedures, receiving necessary regulatory approvals in line with the Egyptian Stock Exchange listing rules and regulations.
Moreover, should NSC achieve the agreed upon operational and financial results, in addition to specific requirements related to producing and introducing new seed varieties, NEPIT would make additional payments of up to EGP166 million over a number of tranches. The transaction value is capped at a maximum of EGP306 million, contingent to NSC’s fulfillment of operational and financial prerequisites.
