Cairo – Mubasher: Beltone Financial Holding has received approval from the US Financial Industry Regulatory Authority (FINRA) to sell its subsidiary Auerbach Grayson & Company.
The company will take the required procedures to complete the transaction valued at EGP 45 million ($2.8 million) as well as 50% of the company’s net profits for a period of 30 months, according to a bourse disclosure on Thursday.
In April, Beltone, along with other investors, signed an agreement to sell Auerbach Grayson & Company.
During the first nine months of 2020, Beltone incurred net losses of EGP 35.92 million, down from EGP 88.31 million in the corresponding period a year earlier, including minority shareholders’ rights.
