The board of Orascom Telecom Media and Technology has approved an offer to acquire, together with investment bank ACT Financial, 100 per cent of shares of Beltone Financial, Orascom Telecom said in a statement on Sunday.

The offer would be valid only on condition that it obtained a minimum of 51 per cent of shares. Of shares offered, 53 per cent would go to Orascom Telecom, while 13 per cent would go to ACT Financial, the statement said.

Any remaining shares offered would be allocated to Orascom Telecom.

The Egyptian Supervisory Authority said in a statement on its website it had received the compulsory share purchase offer by Orascom Telecom and Act Financial to buy all the shares at Beltone Financial for E£4 ($0.5) per share.

"The offer is being studied by the authority," the statement said.

Orascom Telecom previously put the value of the transaction at E£650 million ($82.7 million).-Reuters