Beltone Financial Not To Go Through Pickalbatros IPO: CEO

Aladdin Saba, Beltone Financial CEO, told Amwal Al Ghad Monday that the company has made its final decision not to make IPO of 30% of Pickalbatros Holding For Financial Investments Co. stakes in the Egyptian Exchange (EGX).

“This decision has been taken after conducting a series of follow-up studies on the Egyptian market, on the field of tourism in particular as Pickalbatros is working in this field.” Saba added

Worth mentioning, Beltone Financial Holding (BTFH.CA) was going to make IPO of 30% of the Pickalbatros Holding stakes by the first half of the current year.

Elsewhere, Beltone targets making IPOs within the current fiscal year for two companies working in the fields of manufacturing and foods.

Beltone Financial Holding’s capital values at EGP 83.655 million distributed to 8.365 million securities in which the par value amounts to 10 Egyptian Pounds a share.