Beltone taps Forvis Mazars for Lumen Aegis valuation

Beltone appointed Forvis Mazars to conduct a fair value study on its upcoming acquisition of UAE-based Lumen Aegis Enterprises, it said in an EGX disclosure (pdf). This comes after Beltone’s general assembly approved the 100% acquisition of Lumen — a special purpose vehicle — from Chimera-owned ePointZero for a nominal value of USD 1 last December. The timeline of the acquisition was not disclosed.

Why it matters: The takeover would fold a portfolio of Emirati and Egyptian assets into Beltone’s publicly listed balance sheet without passing the cost to existing shareholders. Lumen Aegis wholly owns Cairo-born firm Maseera, which acquired local consumer finance platform Adva last year and is backed by a USD 1 bn investment plan from 2PointZero, the investment arm of Abu Dhabi’s International Holding Company.

India drops cotton tariffs

Local cotton exporters have a clear runway to ramp up shipments after India temporarily scrapped its import tariffs, according to a press release. Seeking to ease soaring raw material costs for its textile mills, New Delhi’s zero-duty window will run from 1 June through 31 October 2026.

Why this matters: The move is a major boon for local exporters — India is our top buyer, purchasing some 20k tons so far this season and importing USD 129 mn of Egyptian cotton in 2024 and USD 78.6 mn in 2025. The timing is ideal, coming just as Egypt’s cotton exports are forecast to jump 40% y-o-y to 350k bales in the 2026/2027 marketing year, according to a report by the US Department of Agriculture (USDA) (pdf).

IN CONTEXT- The sector is rebounding after a pricing crisis paralyzed the local market lastyear. Uncompetitive government-anchored floor prices pushed private traders to boycott auctions last season, leaving 460k quintals unsold and forcing over 300 export firms to shut down due to massive losses. The Cabinet has since scrapped the floor pricing system to reflect global rates, which is now driving a projected 25% rise in cultivation area and pushing domestic production up to 325k bales next year, according to the USDA.