Beltone to establish new company for SMEs with EGP30M capital

Beltone Financial Holding to set up a new company ‘Beltone SME’ with an initial capital of 30 million Egyptian pounds according to the board of directors (BoD).

The company clarified in a filing to the Egyptian Exchange (EGX) that the BoD approved the updating of the policy of money laundering, terrorist financing and non-conflict of interest for Beltone Financial Holding Company and its subsidiaries.

Meanewhile, the company recorded an increase in its consolidated losses during 2019 by 11 percent, reaching  91.5 million  pounds, compared to 82.4 million pounds in 2018.

Beltone Financial operates within the diversified financials sector focusing on investment banking & brokerage. Beltone Financial was established in May 2006.

Beltone Financial incurred higher losses in 2019 of about  91.505 million pounds, compared t 82.41 million pounds in 2018, an increase of 11 percent, taking into account minority interests.

According to financial statements, the company’s revenues decreased to 243 million pounds from the beginning of January to the end of last December, compared to  342.718 million pounds previously, a decline of 29 percent.

On the independent business level, the company’s financial statements showed that net losses declined in 2019 to  202.429 million pounds, compared to  210.361 million pounds in 2018.