The board of Beltone Financial Holding gave a nod on Wednesday, October 22, increasing the company’s capital from EGP 83.655 million to EGP 125.483 million through bonus share distribution. Board members also endorsed the company’s strategic plan for 2015.
The board decided on Thursday to revoke a previous decision to distribute cash dividend and to use the cash liquidity and study various financing methods, including capital increase, to finance the company’s future projects.
The board set a date for the upcoming board meeting to review the strategic plan for the year 2015 and financing methods.
Beltone started on Thursday, October 16, 2014, the trading of its shares at the new par value of EGP 2 instead of EGP 10 per share.
The EGX listing committee had approved a request from Beltone to reduce the stock’s par value from EGP 10 to EGP 2.
The company’s issued capital will remain unchanged at EGP 83.655 million, divided into 41.827 million shares at EGP 2 par value each.