Beltone: Investor Increases Stakes To 8.85%

Beltone Financial (BTFH.CA) announced that its investor Ahmed Hussein Abdel Maguid Omar has increased his stakes in the company after buying 132.859 shares, a further 1.59% of the company’s stakes on August 29th session. Accordingly after the purchase, he owns by now 8.85% of the company’s shares.

Ahmed Hussein has paid EGP 11.75 per share.

Meanwhile, Beltone has managed to narrow its consolidated net loss for the first half of 2012 by 30.8% as it posted a net loss of EGP 7.6 million, compared to a year earlier net loss of EGP 11.1 million.

On the other hand, Beltone’s standalone business results during the H1/2012 revealed a net profit of EGP 24.31 million, compared to a net loss of EGP 14.2 during H1/2011.