Beltone announces the successful closing of the largest capital increase in EGX history

By Eman Hamed 

Beltone Financial Holding (“Beltone” or “the Company”), one of the fastest-growing investment banks in Egypt, announces the successful closing of the largest capital increase in the history of the Egyptian Stock Exchange (EGX), following the completion of two subscription rounds of c. EGP 10 billion Rights Issue of 5 billion new ordinary shares (“new shares”). 

Dalia Khorshid, Group CEO commented: “We are pleased with the outcome of our Rights Issue and the support we have received from our existing shareholders as well as new investors who have participated, amongst them are prominent global institutional investors. 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. We have restructured the organization, assembled a world-class team of leaders across the businesses and invested in our digital future”, Khorshid added.  

“As a team, we look forward to building on that foundation as we grow at home and across global markets, calling on data-driven fundamentals to create growth for our shareholders”, Khorshid added. 

The Company’s Board of Directors yesterday authorized management to finalize regulatory procedures to list the new shares on the EGX. Post listing, the Company’s issued and paid-in capital will increase from EGP926 million to EGP10.9 billion.