Cairo – Mubasher: Beltone Financial Holding closed the largest capital increase in the history of the Egyptian Stock Exchange (EGX), according to a press release.

Beltone completed two subscription rounds at nearly EGP 10 billion by offering 5 billion rights issues.

The company’s board members authorised management to finalise regulatory procedures to list the new shares on the EGX.

Following the transaction, the issued and paid-in capital will stand at EGP 10.90 billion, instated of EGP 926 million

Dalia Khorshid, Group CEO of Beltone, said: “The second round of the rights issue was oversubscribed by 5.49 times, a trust testament in our transformation plan aiming at value-driven growth.”

“The successful completion of the Rights Issue is one of the key milestones in our growth strategy on which we have been delivering,” Khorshid added.

The CEO noted: “We have restructured the organization, assembled a world-class team of leaders across the businesses, and invested in our digital future.”

In the January-March 2023 period, the EGX-listed firm shifted to consolidated net losses after tax worth EGP 52.03 million, against net profits valued at EGP 3.83 million in Q1-22.