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Beltone shareholders nod for FY15 financials, capital hike

Beltone shareholders nod for FY15 financials, capital hike
shareholders to subscribe just after converting a 33% stake into GDRs
Beltone Holding
BTFH
-2.82% 3.45 -0.10

Cairo – Mubasher: Beltone Financial Holding’s extraordinary general meeting approved topping up its issued capital to EGP 1.338 billion from EGP 338 million through issuing 500 million shares at one piaster each, according to a bourse filing on Tuesday.

The rights issue shares will be tradable away from the original shares, said the company, adding that existing shareholders would be invited for subscription just after converting a 33% stake into global depositary receipts (GDRs).   

Moreover, the extraordinary meeting gave the green light to hiking its authorized capital to EGP 3 billion from EGP 1 billion, the bourse filing indicated.

Beltone operates with an issued capital of EGP 338 million, distributed over 169 million shares at EGP 2 each.

In the same context, the ordinary general meeting ratified the financial results for the fiscal year 2015.  

Further, it gave the go-ahead for entering into two commutative contracts. The first one will be signed with OT Ventures Company owned by OTMT regarding a full acquisition of Arab finance at EGP 23 million, the filing indicated.  

The second one will be sealed with Gemini Technology Company so as to take over a stake of 70% in Reefy - Micro Finance Enterprise Services at EGP 105 million.

Beltone’s FY15 earnings plunged 65% year-over-year to EGP 5.4 million from EGP 15.3 million.