Cairo – Mubasher: Beltone Financial Holding’s board of director has decided to cancel the global depository receipts (GDRs) system.
The decision is set to be reviewed by the extraordinary general meeting (EGM), Beltone said in a filing to the Egyptian Exchange (EGX) on Wednesday.
The Cairo-based firm will also maintain the regulations of raising capital by nearly EGP 1 billion in accordance with the decision of the EGM on 27 June 2016, according to a separate statement.
In July, the EGM agreed to activate the reward and motivation system after the completion of capital hike.
In August, Beltone Financial said that its offer to acquire a controlling stake in Orabank was rejected.
The African banking group turned down the Egyptian investment bank’s request as the two parties hadn't reached a deal over the transaction’s financial terms.
In May, Beltone’s board approved to acquire large stake in Orabank, which has branches in 12 African countries.
