Beltone Financial prepares IPOs in EGX for more than $1.8bn

Beltone Financial is preparing the initial public offerings (IPO) of several companies in the retail and food sectors on the Egyptian Exchange (EGX), with estimated total capital exceeding 10 billion Egyptian pounds (US$1.27 billion).

Chairman of Beltone Financial Sameh Torgoman told Daily Egypt News that additional IPOs will increase the liquidity in the market. He praised the government’s recent decision to offer to increase the capital holdings of a number of companies and government banks.

Torgoman has chaired Beltone since the acquisition of the company at the end of 2015 by Orascom Telecom, which is owned by Naguib Sawiris. The board of directors are currently developing a new company strategy while also considering to change the company’s name.

Belton’s acquisition of CI Capital has yet to be finalised.

Orascom Telecom, owned by Beltone, is approaching the acquisition of CI Capital following the withdrawal of Al-Ahly Capital, the investment arm of the National Bank of Egypt, on Monday, after objections from the CIB regarding due diligence studies.

Belton’s board of directors includes Naguib Sawiris, former finance minister Ahmed Galal, and former minister of trade and industry Mounir Fakhry Abdel Nour.

Source: Daily News Egypt