Cairo - Mubasher: The board of directors of Beltone Financial Holding decided to increase the company's issued capital to EGP 926.95 million from EGP 891.3 million. 

The capital will be raised by EGP 35.65 million, distributed over 17.82 million shares at a nominal value of EGP 2 apiece, to be allocated for the employee stock ownership plan (ESOP), the company said in a bourse disclosure on Wednesday. 

A total of 6.77 million shares, or 38% of the ESOP shares, will be allocated for the employees of the company, that will be selected to supervise the ESOP scheme. 

The decision will be referred to the extraordinary general meeting (EGM) for approval. 

During the first quarter (Q1) of 2021, Beltone Financial Holding turned to net profits of EGP 3.803 million, against net losses of EGP 8.44 million in Q1-20, including minority shareholders’ rights.