An agreement between Compass Capital and Beltone Financial is being finalised to form the company Beltone for Information Technology.
Maged Shawky, Managing Director of Beltone Financial, said that the board of directors for the new company has been formed with three members from Beltone and two members from Compass Capital. Shamel Abolfadl will head the board while Amr Mosaad will be the managing director. The other members are Maged Shawky, Ayman Abbas and Rania Gaffar.
Shawky noted that the new company is looking into a name change to include both Beltone and Compass.
Shamel Abolfadl said that his company has almost succeeded in raising capital from EGP 45 million to EGP 60 million. Compass contributed EGP 7.65 million, of 51% of the increase with Beltone contributing EGP 7.35 million. He added that raising capital for the new company would be complete by the end of the current month.
Compass and Beltone are currently restructuring their partnership so that Beltone for Information Technology will become one of Beltone Financial’s subsidiary companies. Beltone currently has six other subsidiary companies in the United States, the United Kingdom, Libya, and Egypt.
Beltone seeks to attract new clients from all over the world with the new partnership, noting that Compass Captial’s strong relationships outside of Egypt will contribute to attracting new investors.