- Beltone Capital and NEPIT plan to acquire a 51% stake in The National Seeds Company, a key player in seeds and agricultural production, at a total cost of USD 8.92 million.
- The shares to be acquired are currently owned by Cairo Capital for Financial Investments, and NEPIT will have the right to receive dividends on these shares as part of the acquisition deal.
- The completion of the acquisition is anticipated by the year-end, subject to the successful conclusion of legal processes and obtaining regulatory approvals in accordance with the rules and regulations of the Egyptian Stock Exchange.
Beltone, one of the growing financial institutions, announced that its wholly-owned subsidiary Beltone Capital and its investment platform NEPIT, which specializes 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 production, according to a company statement
The company said that the 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 before year-end, post concluding all legal procedures, and 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 several tranches.
The transaction value is capped at a maximum of EGP306 million, contingent on NSC’s fulfillment of operational and financial prerequisites.1 USD equals 30,95 EGP.
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