Beltone looks to acquire mystery microfinance firm: Beltone Financial has inked an MoU to acquire an unnamed local microfinance firm through its holding company or one of its subsidiaries, it said in an EGX disclosure (pdf). The company didn’t respond to our request for comment when we reached out yesterday.

What’s next? Beltone will conduct due diligence on the firm after it gets the go-ahead from regulators.

Market reax: Beltone shares were up 3.7% to close at EGP 3.12 apiece on Monday.

Beltone has plenty of dry powder: The company in July closed a landmark EGP 10 bn capital increase, placing some 5 bn new shares on the EGX. Prominent global institutional investors came into the firm’s share base via the transaction, which was also met with heavy demand from local investors.

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