Egyptian investment bank Beltone Financial said on Tuesday its chairman, Aladdin Saba, was negotiating to sell his stake in the bank but that no agreement had yet been reached.

According to Reuters data, Chairman Alaa Saba owned 19.99 per cent of the bank's shares as of June 30.

'We would like to inform you that the chairman and managing director of Beltone Financial Holding is in preliminary negotiations to sell his share of the company to an investor, and that these negotiations have not yet been concluded,' the company said in an emailed statement. – Reuters