Cairo – Mubasher: Beltone Financial Holding on Wednesday reported its semi-annual statement, indicating that it has used up EGP 77.5 million from its capital increase proceeds.
Beltone used the EGP 77.5 million to acquire a majority stake of 51% in Skidmore from Beltone Information Technology, the company said in a filing to the Egyptian Exchange (EGX).
The remaining EGP 122.4 million from the capital hike will be used to support the company’s financial solvency and capital position, Beltone added.
Earlier this week, Beltone reported turning to profits with EGP 13.5 million in the second quarter of 2017, on higher brokerage revenues, against losses of EGP 9.12 million in Q2-16.
Brokerage revenues surged to EGP 174.6 million in Q2-17 from EGP 13.2 million in the year-ago period.
