Cairo – Mubasher: Beltone Financial Holding has made a statement to reply to the news reporting a potential capital increase. 

The EGX-listed firm said the company’s ordinary general meeting (OGM) is set to meet on 31 August 2022 to elect a new board of directors to reflect the current ownership structure, adding that the capital increase process cannot be completed before discussing the matter with the new board as per the listing rules.

The company further noted it will disclose any investment plans proposed by the new management once the new board is elected, according to a bourse filing on Monday.

It is worth noting that during the first half (H1) of 2022, Beltone shifted to net losses after taxes of EGP 105.58 million, against net profits of EGP 8.54 million in H1-21.