Cairo – Mubasher: Beltone Financial Holding announced that subscription to its rights issue was covered by 90.8%.

The subscription involved 254.47 million shares valued at EGP 508.94 million, along with issuance expenses of EGP 5.08 million, the company said in a bourse filing on Tuesday. 

Beltone will submit a request to the Financial Regulatory Authority (FRA) to open subscription to unsubscribed shares which amounted to 25.715 million, representing 9.2% of total shares offered for subscription.

Previously, the company’s ordinary general meeting (OGM) approved raising the company’s issued capital to EGP 898.4 million by issuing 280.18 million shares.

It is noteworthy that during the first nine months of 2019, Beltone’s losses attributable to the parent company’s shareholders amounted to EGP 63.3 million, compared to EGP 27.2 million in the prior-year period, including minority shareholders’ rights.