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Wednesday, 8 June 2016

EGX approves Beltone’s EGP 1 bn capital increase after delay

The Egyptian Exchange’s listing committee has approved Beltone Financial’s capital increase to EGP 3 bn from EGP 1 bn, allowing the firm to call a general assembly to vote on it in a month, Al Mal reported on Tuesday. The bourse also approved increasing issued and paid capital EGP 1 bn to EGP 1.338 bn, distributed over 500 mn shares with a nominal value of EGP 2. The EGX had said it would delay an approval “until the company submits reasons for the move.” Beltone auditor Deloitte had requested more time to finalise its assessment of the increase. There’s still no word on regulatory approval for Beltone’s acquisition of CIB-owned CI Capital.

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