By: Heba El Kordy
Cairo – Mubasher: Beltone Financial Holding’s stock, listed on in the Egyptian Exchange (EGX), recorded its second daily decline on Tuesday.
By 11:30 pm, the stock dropped 5.8% to EGP 6.5 on the back of the Financial Regulatory Authority’s (FRA) rejection of the company’s appeal against suspending it for six months, in addition to increasing the obligatory insurance to EGP 50 million on the back of alleged irregularities in Sarwa Capital’s initial public offering (IPO).
Since the beginning of Tuesday’s session, around 21,900 of Beltone’s shares were traded in consideration of EGP 145,040.
Commenting on the rejection of the appeal, Naguib Sawiris, board member of Beltone Holding, said that the FRA’s decision is unfair and includes false events and faulty conclusions and it did not respond to the company’s defense.
Beltone will pursue all legal procedures to assert the soundness of the actions taken, the Egyptian business tycoon added.
Beltone has not committed any irregularities when issuing the prospectus of Sarwa Capital, Sobhy El Sehrawy, the firm's deputy head of investment banking previously said.
