Cairo – Mubasher: Beltone Financial Holding’s board of directors has recommended an issued capital increase of EGP 560.37 million.
The extraordinary general meeting (EGM) has been invited to review the capital increase proposal, Beltone said in a statement to the Egyptian Exchange (EGX) on Monday.
The issued capital hike will be in favour of major shareholders and will be distributed over 280.18 million shares at a value of EGP2 per share as the priority rights in the subscription will be separated from the original share, the company highlighted.
The board also appointed Financial Advice Corporate Transactions (FACT) as an independent financial consultant to set the fair value (FV) of Beltone’s stock, the company added.
The FV will be revealed before starting the capital increase subscription, according to the statement.
Furthermore, the board has asked the EGM to ignore its previous decision on raising authorised capital to EGP 3 billion and raising issued capital by EGP EGP 1 billion as it has not acquired Micro Finance Enterprise Services Co (Reefy) and Arab Finance yet.
The company also said that the issuance of international deposit certificates has been cancelled as the London Stock Exchange (LSE) asked for free-float trading which is not available in the company yet.
In March, Beltone announced it has incurred losses of EGP 82.41 million in 2018, versus a profit of EGP 3.2 million a year earlier.
