Cairo – Mubasher: Beltone Financial Holding has paid EGP 16 million to settle violations of Sarwa Capital’s initial public offering (IPO), a source at the Financial Regulatory Authority (FRA) said.
Beltone has reached an agreement with clients who filed complaints against it to the FRA and has compensated them, the source told Reuters.
The financial value to be paid to the those who filed complaints with the FRA and took part in the IPO ranges between EGP 11 million and EGP 12 million, a they added.
The FRA decided to suspend Beltone from carrying out any activity regarding Sarwa Capital’s IPO for a six-month period.
In November, the FRA’s deputy chairman said that Sarwa Capital's IPO process had violated the capital market’s regulations.
Beltone previously posted a net loss of EGP 25.29 million in the first nine months of 2018, versus EGP 4.8 million in losses in 2017.
