The EGX announced it would “delay approving Beltone Financial’s capital increase request until the company submits reasons for the move.” According to a bourse statement, Beltone’s auditor Deloitte has requested more time to finalise its assessment of the proposed capital increase and, accordingly, the EGX has postponed its approval until the reasons for the capital increase are submitted. Beltone Financial had requested to increase its paid-in capital by EGP 1 bn.

Meanwhile, Beltone Financial has put in its fifth request for a two-week extension on its acquisition of CI Capital, Al Mal reports. Beltone had agreed to pay Commercial International Bank (CIB) some EGP 50 mn to guarantee the acquisition when it requested the fourth extension, which expires today. Sources tell Al Borsa that CIB is likely to accept considering reports that OTMT and the Egyptian Financial Supervisory Authority are closing in on an settlement over irregularities concerning its demerger, which are holding up the transaction. OTMT has submitted the documents needed to waive the requirement for a mandatory tender offer to EFSA, according to sources. EFSA is expected to only require that OTMT pay a fine. This is not the first time we’ve heard a settlement was at hand.