Beltone CEO: No Intention To Exit Egypt, Capital To Reach EGP 86.7 Mln

Aladin Saba, Beltone Financial CEO, said the company currently resumes the required procedures for raising its authorized capital from EGP 83.655.730 million to EGP 86.779.803 million. It would be through issuing 312.407 thousand securities with their par values.

Saba told Amwal Al Ghad that within a week, Beltone will submit the request for the capital raise to the Egyptian Financial Supervisory Authority (EFSA) so as to get its approvals.

“I deny all those rumors which say I plan to exit Egypt. Selling my stakes which amount to 20% in Beltone Financial was due to political instability the country witnesses nowadays.” Saba added

Worth mentioning, the EFSA had earlier announced that Beltone Financial Holding (BTFH.CA)’s disclosure form as per Article No. 16 of the Listing and Delisting Regulations regarding raising the company’s capital was inappropriate and inaccurate. EFSA stated that Beltone’s disclosure form did not fill the lawful requirements regarding the capital raise.

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.