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Tuesday, 6 November 2018

Egypt’s Beltone cancels upcoming EGP 1 bn capital increase

Beltone puts capital increase on ice amid fallout from suspension of investment banking arm: Beltone Financial Holding has said it will put on hold its planning EGP 1 bn capital increase, the firm said in a disclosure to the EGX (pdf) on Monday. Beltone’s decision to scrap the capital increase comes days after the Financial Regulatory Authority (FRA) suspended the firm’s investment banking arm for a six-month period. A senior FRA official had said the suspension was a result of “irregularities” in the Beltone-run IPO of consumer and structured finance player Sarwa Capital. Beltone shares rose nearly 2% yesterday.

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