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Beltone’s board agrees on EGP 553m capital rise
17 - Mon - Feb - 2020
Beltone’s board agrees on EGP 553m capital rise

The board of Beltone Financial Holding has approved to raise the company’s issued capital by EGP 553.27 million to EGP 891.3 million from EGP 338.03 million.

The company referred that the capital will be distributed over 445.65 million shares at a nominal value of EGP 2 apiece, the company disclosed to the Egyptian Exchange (EGX) on Sunday.

The increase in the company’s capital is fully paid, according to a bank certificate issued by the Arab African International Bank (AAIB), which is authorised to receive subscription requests for the rights issue covered by 98.73% for 276.6 million shares worth EGP 553.27 million, in addition to issuance expenses of EGP 5.53 million.

It is noteworthy to mention that during the first nine months of 2019, the company’s net losses attributable to the parent company’s shareholders surged by 132.6% to EGP 63.3 million from EGP 27.2 million in the same period of 2018.

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