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Monday, 1 March 2021

Shuffle at Beltone management following demerger

The EGX30 fell 0.03% at today’s close on turnover of EGP 1.34 bn (7.9% below the 90-day average). Foreign investors were net buyers. The index is up 6.23% YTD.

In the green: Pioneers Holding (+3.7%), Sodic (+3.3%) and Madinet Nasr Housing (+2.9%).

In the red: Orascom Development Egypt (-3.5%), Heliopolis Housing (-3.1%) and Fawry (-2.2%).

MOVES- Maged Shawky, Naguib steps down from Beltone board following demerger: Beltone Financial has temporarily reshuffled is board of directors after last month’s horizontal demerger which saw its former parent company, Orascom Investment Holding (OIH), spinoff its non-bank financial services (NBFS) holdings into Orascom Financial Holdings (OFH),

Who’s in: OFH Chairman Onsi Sawiris, Naguib’s son, will act as the non-executive chairman of Beltone until a new board is appointed following the annual general assembly. He will be joined by the now-former executive chairman Maged Shawky, who will act as a non-executive member Beltone said in a bourse filing (pdf)..

Who’s out: Shawky, Beltone’s long-serving top executive and capital markets veteran, stepped down along with Naguib, who was formerly a non-executive member. Former Finance Minister Ahmed Galal and Egyptian Factoring Association head Gamal Muharram (both of which were independent non-execs) are also stepping down.

Meanwhile, Beltone Financial topped the February brokerage league table with a market share of 14.4%, EGX figures (pdf) showed. Traditional first-place holder EFG Hermes came in second at 12.7%. Rounding out the top five: Mubasher (5.4%), Pioneers (5.4%), and CI Capital (4.8%).

EARNINGS WATCH- This comes as Beltone Financial reported a net loss of EGP 132.4 mn in 2020, compared with a EGP 121.8 mn loss in 2019, it said in a statement on the EGX (pdf).

Naeem Holding for Investments’s net losses decreased by 94.3% y-o-y in FY2020 to USD 349.6k, up from losses of USD 6.14 mn in FY2019, the company said in its financials (pdf). The company’s revenues rose to USD 8.88 mn in 2020, compared to USD 4.66 mn in 2019.

Alexandria National Co. for Financial Investment (ANFI) reported net profits of EGP 4.56 mn, up from a loss of EGP 709.6k in FY2019, the company said in its FY2020 financials (pdf). The company’s revenues increased to EGP 5.01 mn in 2020, compared to EGP 324.3k in the previous year. ANFI is currently the center of a bidding war, garnering interest from Kayan Sustainable Development, Zaldi Capital, Hong Kong’s Zeta Investments, and a group of investors including Egyptian businessman Ahmed El Saba and Saudi Arabia’s Mostafa El Humeidan.

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