Beltone one step closer to acquiring Cash: Beltone Financial has received the greenlight from the Financial Regulatory Authority (FRA) to proceed with its acquisition of Minya-based microfinance provider Cash, it said yesterday in an EGX disclosure (pdf). The company is now cleared to begin due diligence.

BACKGROUND: Local media last week identified the unnamed microfinance company Beltone had signed an MoU to acquire as Cash. Sources told Al Borsa that the due diligence process would take around two months once Beltone got the go-ahead from regulators.

Market reax: Beltone shares were up 5.9% on Monday to close at EGP 3.95 apiece.

REMEMBER- 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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