Beltone Enters into a Put Option Agreement to Acquire a Majority Stake in Baobab Driving Its Regional Growth Strategy through Expanding into African Markets

Cairo, 31 December 2024:

Beltone Holding (“Beltone” or the “Company”) announces that its wholly owned subsidiary, “Beltone Capital”, has entered into a put option agreement to acquire a majority stake in Baobab, a leading African financial services provider serving more than half a million micro-entrepreneurs and MSMEs. Baobab operates across seven African countries, including Senegal, Côte d’Ivoire, Madagascar, Burkina Faso, Mali, Democratic Republic of Congo, and Nigeria.

Dalia Khorshid, Group CEO of Beltone Holding, commented: “This marks a significant milestone in our strategic data driven expansion into high-potential and digitally scalable African and Emerging Markets. We are committed to a transformational impact in financial services backed by Data Science and AI to ensure ongoing sustainable growth.”

The Company’s Board of Directors has approved obtaining a shareholder loan to finance the acquisition upon signing a binding share purchase agreement and obtaining regulatory approvals. This deal would emphasize Beltone’s ambition to drive innovation, deliver long-term value, and broaden its footprint across the region.

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About Beltone Holding:

Beltone Holding (EGX: BTFH.CA) is a leading financial services provider with a multi-decade track record of success in the MENA region. The Company offers a comprehensive and growing set of financial solutions such as brokerage, investment banking, asset management, equity research, and private equity, in addition to end-to-end non-banking financial institutions (NBFIs) including leasing, factoring, consumer finance, venture capital, mortgage finance, microfinance and small to medium enterprises (SME). The Company is driven by a vision to redefine the financial ecosystem in the region by capitalizing on global expertise, knowledge, and disruptive, value-accretive solutions that unlock limitless opportunities for clients, to drive market value and impactful results.

For more information, please visit the company’s website: www.beltoneholding.com

Investor Relations:

ir@beltoneholding.com

About Baobab Group:

Baobab is a leading financial services provider to small businesses on the African continent. Through its seven subsidiaries, Baobab provides financial services to half a million micro-entrepreneurs and small businesses. It expands its reach to MSMEs in frontier markets by leveraging data and digital technologies, thereby fulfilling its mission of broadening access to finance among those underserved by traditional banks. Baobab’s global range of products includes microloans, savings solutions, and mobile payments. Baobab’s 4,500 team members work together to make financial services more accessible, inclusive, and transparent.

For more information, please visit the company’s website: www.baobab.com