Cairo – Mubasher: The Egyptian Exchange (EGX) announced resuming trading on Beltone Financial Holding’s stocks as of Monday, 24 December after receiving the Financial Regulatory Authority (FRA)’s release concerning an appeal submitted by the Cairo-based investment bank.

Earlier on Monday, the Egyptian bourse has suspended trading on Beltone’s stocks upon the request of the FRA, announcing that it will wait for the regulator's further note, according to a bourse statement.

On Sunday, the FRA had rejected the appeal filed by Beltone against suspending the company for six months, in addition to increasing the obligatory insurance to EGP 50 million on the back of alleged irregularities in Sarwa Capital’s initial public offering (IPO).

On the other hand, Naguib Sawiris, board member of Beltone Holding, said that the FRA’s decision is unfair and included false events and faulty conclusions, and it did not respond to the company’s defense.

Beltone will pursue all legal procedures to assert the soundness of the actions taken, the Egyptian business tycoon added.

Beltone has not committed any irregularities when issuing the prospectus of Sarwa Capital, Sobhy El Sehrawy, the firm's deputy head of investment banking previously said.