By: Heba El-Kordy

Cairo – Mubasher: Beltone Financial Holding's stock retreated 5.16% during Sunday's early trades on the Egyptian Exchange (EGX) after the Financial Supervisory Authority's (FRA) decision to suspend the company's IPO unit.

By 10:10 am Cairo time, Beltone's stock fell to EGP 6.8 after 19,180 shares changed hands at a turnover of EGP 131,500.

On Thursday, the FRA suspended Beltone's initial public offering (IPO) unit from carrying out any activities for a six-month period but gave no explanation for the decision, Reuters reported.

Last month, Beltone managed Sarwa Capital's IPO, which was listed on the EGX on 15 October and shortly after its stock retreated by 15%.

Beltone said on Thursday that it had not violated any regulations, noting that it planned to pursue legal measures to protect its interests and those of its shareholders and customers.

Meanwhile, the Middle East News Agency (MENA) reported, citing unnamed sources, that the reason for the suspension was for violations and manipulations in Sarwa Capital's IPO.