March 22 (Bloomberg) -- Beltone Financial Holding advanced to the highest in more than a month after the Egyptian investment bank said Compass Capital will own 51 percent of its brokerage business through an investment fund.
The shares rose 2.9 percent to 13.7 Egyptian pounds, poised for the highest close since Feb. 8, at 1:37 p.m. in Cairo. The share have risen 4.1 percent this week. Egypt’s benchmark EGX 30 Index fell 0.5 percent.
Beltone, which had announced plans to sell its brokerage, said the value of the agreement with Compass, an Egyptian investment company, is 45 million pounds ($7.5 million.) The deal is subject to regulatory approval, it said in an e-mailed statement after the market closed yesterday. The brokerage “will remain under the umbrella of Beltone Financial Holding,” it said.
Beltone was ranked fourth by traded value in Egypt last year, according to data on the Egyptian Exchange website. The EGX 30 Index, which tumbled 49 percent in 2011 after the country’s popular uprising, has gained 41 percent this year, making it the world’s second-best performer.
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