Beltone Financial Holding has signed a letter of intent to acquire Sixth of October Development and Investment Company’s (SODIC) subsidiary SODIC for Securitization, as per a filing sent to the Egyptian Bourse on December 6th.

Beltone Financial Holding, a large Cairo-listed investment company, announced that its wholly-owned subsidiary Beltone Real Estate Finance has obtained a license to practice real estate financing activity from the Egyptian Financial Regulatory Authority (FRA), according to the company's statement on Sunday.

The Egyptian Exchange (EGX) indices reached new historic levels during the week that ended on 16 November, as the financial reports season showed leading companies in the market achieving high profits.

Fitch Ratings has downgraded National Bank of Egypt's (S.A.E.) (NBE) Long-Term Issuer Default Rating (IDR) to 'B-' from 'B'. The Outlook is Stable. Fitch has also downgraded the bank's Viability Rating (VR) to 'b-' from 'b' and Government Support Rating (GSR) to 'no support' from 'b-'.