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Thursday, 28 November 2019

FRA approves Beltone Financial capital increase to pay off OIH debt

The Financial Regulatory Authority (FRA) has approved Beltone Financial’s planned capital increase to EGP 898 mn from EGP 338 mn through a rights issue of 280 mn shares at EGP 2 apiece, according to a FRA disclosure to the EGX (pdf). The capital increase will allow Beltone to pay off the EGP 392 mn loan it had taken from Orascom Investment Holding to finance its 2016 acquisition of New York-based brokerage Auerbach Grayson.

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