The stock of Beltone Financial Holding has soared on Thursday powered by the news that the Egyptian Financial Supervisory Authority (EFSA) has approved a request from the company to reduce stock par value to EGP 2 from EGP 10.
The stock surged 9.99% to EGP 27.93, after nearly 51.3 thousand shares were exchanged in 68 transactions at above EGP 1.4 million.
The market regulator endorsed minutes of the company’s extraordinary general meeting held on June 26.
The EGM ratified the stock split that is aimed at boosting the stock liquidity in the market and broaden the investor base.
Beltone is capitalized at EGP 83.655 million, divided into 8.365 million shares at EGP 10 par value each.
Free float amounts to 48.5% of the company’s shares.