Beltone braces to Run 4 Major IPOs on Egypt Bourse

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Egypt-based Beltone Financial is preparing to manage 4 major initial public offerings (IPOs) in the next 5 months.

The first IPO to be managed is expected to be launched by next July, Beltone’s chairman Alaa Sabaa, told the state-run MENA news agency.

Sabaa explained that the 4 planned IPOs will be in favour of companies working in different sectors, yet he declined to reveal further details regarding the identity of those companies until they finish from the required studies.

Saba noted that the IPOs will be varied between different sectors, but he declined to reveal the identity of the companies that will sell shares to the public until they finish from the required studies.

Beltone has managed 3 giant IPOs in the past years, mostly recently Amer Group Holding (AMER.CA) IPO in 2010 worth EGP 1.2 billion, GB Auto (AUTO.CA) in 2007 worth EGP 1.2 billion and Raya Holding (RAYA.CA) in 2005 worth EGP 340 million.

The Egyptian Exchange granted last April Beltone Financial (BTFH.CA), the country’s first license for exchange traded funds (ETFs).