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Tuesday, 28 June 2016

Beltone: capital increase is a go, as is GDR program; AG acquisition on track

Beltone Financial’s general assembly approved the conversion of some of its shares to global depository receipts, capping the GDP program at 23% of its share capital and EGP 1 bn, Al Borsa reported on Monday. It also approved an EGP 1 bn increase in authorized capital to EGP 3 bn and an EGP 1 bn increase in its issued and paid-in capital.

Auerbach Grayson acquisition on track: In other company news, Beltone is only waiting on regulatory approval to purchase a 51% stake in New York-based firm Auerbach Grayson, El Torgoman told Al Borsa on Monday, adding that they have not faced any hurdles so far in the process.

Meanwhile, Beltone Chairman Sameh El Torgoman called on the company’s shareholders to join the court case the company has filed against the EGX and EFSA and their respective chairmen. El Torgoman said the repeated cancellation of trades on Beltone’s shares are harming the company directly and the market generally, Al Mal reported. Yesterday we reported Beltone was suing the two agencies.

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