Cairo – Mubasher: The Egyptian Financial Regulatory Authority (FRA) approved increasing the capital of Beltone Financial Holding to EGP 898.4 million from EGP 338.03 million through a rights issue.
The company’s capital will be raised by EGP 560 million, at a nominal value of EGP 2 per share, in addition to issuance expenses of EGP 0.02 a share, the FRA said in a statement to the Egyptian Exchange (EGX) on Tuesday.
Subscription to shares will start on18 December and end on 19 January 2020, the statement showed.
Previously, the company’s ordinary general meeting (OGM) approved increasing the company’s issued capital to EGP 898.4 million from EGP 338.08 million.
It is noteworthy that during the first nine months of 2019, the company’s losses (attributed to the parent company's shareholders) ballooned to EGP 63.3 million, compared to EGP 27.2 million in the corresponding period a year earlier.
