Beltone CEO in negotiations to sell stake

Beltone Financial Holding will see changes in management after its CEO and chairman announced negotiations to sell his stake.

Aladdin Saba is in "initial negotiations for the sale of his stake in BFH to an investor, but those negotiations have not yet been finalized," Osama Rashad, head of investor relations at BFH, told Daily News Egypt in an email in response to questions about the possible changes.

"There will be changes made very soon, however, it will be more official when we disclose the information to the Egyptian Stock Exchange (EGX)," said Rashad.

The stock exchange decided on Tuesday to suspend trading on Beltone effective immediately, "until the company responds to EGX concerning what was published on a website," EGX said on their official site without specifying if the mentioned report was about the possible changes.

The firm is listed on the stock exchange as Beltone Financial Holding, BTFH.CA.

BFH Financial is one of the Middle East and North Africa's most prominent investment banks.

BFH business divisions include Beltone Securities Brokerage, Beltone Financial Securities Emirates, Research, Asset Management, MENA Capital in London, Beltone Private Equity and BMG Financial Group in Saudi Arabia.