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FRA approves Beltone's capital raise

FRA approves Beltone's capital raise
The capital will be increased to EGP 926.95 million
Beltone Holding
BTFH
-2.82% 3.45 -0.10

Cairo – Mubasher: The Financial Regulatory Authority (FRA) approved the publication of a disclosure form submitted by Beltone Financial Holding to proceed with the capital increase procedures. 

The form includes the board's approval to raise the company's issued capital by EGP 35.65 million to EGP 926.95 million from EGP 891.3 million, the FRA said in a statement to the Egyptian Exchange (EGX) on Wednesday. 

The capital raise will be conducted by issuing 17.82 million shares worth EGP 2 apiece as part of the employee stock ownership plan (ESOP).

In the first half (H1) of 2021, Beltone Financial Holding turned to net profits of EGP 8.54 million, versus net losses of EGP 20.52 million in H1-20, including minority shareholders' rights.