Egypt: Beltone Financial’s rights issue subscribed by 98% at 1st phase

Nearly 100.434 million shares have not been covered in the first phase of the rights issue

Staff Writer, Arab Finance

July 12, 2023

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Arab Finance: The first phase of Beltone Financial Holding’s rights issue for the capital increase was subscribed at a coverage ratio of 97.99%, the Financial Regulatory Authority revealed (FRA) on July 12th.

Nearly 100.434 million shares have not been covered in the first phase of the rights issue, therefore, a second phase has been reopened for senior shareholders to subscribe into the remaining uncovered shares at a nominal value of EGP 2 per share.

In June, the Egyptian tycoon Ahmed Abou Hashima purchased about 5% of Beltone Financial Holding through rights issue that allows subscription to capital increase shares.

Beltone is an Egypt-based company, which operates within the diversified financial sector focusing on investment banking and brokerage.

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