Beltone is signaling it wants to go much deeper into Egypt’s red-hot securitization market: Beltone Financial Holding has signed a letter of intent to acquire real estate developer SODIC’s licensed securitization subsidiary, it said in a regulatory filing (pdf) yesterday, a move which would make it easier for it to securitize the portfolios of its growing fleet of non-banking financial services firms. It would also open new business opportunities for Beltone to lead transactions for third parties.

What’s next? Beltone will conduct due diligence on the subsidiary — an SPV named SODIC for Securitization — should it receive approval from the Financial Regulatory Authority (FRA), it said.

The rationale: Acquiring an already-licensed securitization company would be a quicker route to the market for Beltone, rather than setting up a new firm and applying for a license from the FRA. SODIC has completed only one securitization since creating the SPV a few years ago, closing a EGP 343 mn transaction in 2021.

FIRST FACTORING AGREEMENT-

Beltone wraps first factoring agreement: Beltone’s leasing and factoring arm has inked a EGP 200 mn factoring agreement with local medical equipment and services provider EGMED, it said in a press release (pdf) yesterday. This marks Beltone Leasing and Factoring’s first factoring agreement since it received its license earlier this year.

EGMED: The company offers a number of medical products and services to hospitals and healthcare facilities in Egypt, the Middle East, and Africa, with a focus on turnkey projects.

ICYMI- Beltone received a license from the Financial Regulatory Authority (FRA) in September to add factoring to its lines of business.

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