Cairo - Mubasher: Beltone Capital Holding Co. plans to float a stake on the Egyptian Exchange (EGX) by the first half of 2016, on condition of market recovery, said Hazem Barkat, Chairman.
The six-month grace period for offering the company's shares on EGX will end of January 2016, added Barkat noting that the company prepares to file with the bourse to extend the grace period for more three months.
The company did not decide yet the amount of the share it will offer on EGX, stated company's chief. It will be decided based on the IPO price and its proceeds, he said.
Beltone has notified the Egyptian Financial Supervisory Authority (EFSA) with its fair value study, said Barkat.
In the same vein, Beltone said its board of directors has endorsed the study prepared by the independent financial advisor, in respect to the company's fair value at EGP 27.8 per share
Last July, the listing committee of the Egyptian Exchange gave go-ahead to list the shares of Beltone Capital, with issued and paid-in capital of EGP 584.46 million, distributed across 58.44 million shares at EGP 10 par value each.
