Beltone Financial to seek $25.5mn in August Share Sale

Egypt’s Beltone Financial Holding said Tuesday it had received regulatory approval for a 200 million Egyptian pound (US$25.5 million) capital increase, enabling the financial services firm to offer shares on the Cairo bourse in August.

“We will raise the (existing) capital from 125.483 million pounds to 325.483 million pounds,” Osama Rashad, head of investor relations, told Reuters by telephone.

He said Beltone would offer shares from Aug. 2 until Aug. 31 on the Egyptian exchange.

Shares in Beltone were up 7.09 percent at 0834 GMT.

The offering is the second part of a two-stage capital increase programme to fund growth in its financial services business which had previously been slated for earlier this year.

With more than 200 staff, Beltone’s activities include brokerage, asset management, investment banking and private equity operations. Foreign operations include offices in Dubai and London.

source: Reuters