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FRA approves capital hike for Beltone Financial

FRA approves capital hike for Beltone Financial

ArabFinance: The Financial Regulatory Authority (FRA) has approved to publish the disclosure on Beltone Financial Holding’s (BTFH) decision to raise its issued and paid-up capital to EGP 926.957 million from EGP 891.305 million, according to a statement filed to the Egyptian Exchange (EGX).

The capital increase amounts to EGP 35.652 million distributed over 17.826 million shares at a par value of EGP 2 per share.

Proceeds of the capital increase will be allocated for the employee stock ownership plan (ESOP) in accordance with Article 48 of the EGX’s listing rules.

Accordingly, Articles 6 and 7 of the company’s Articles of Association will be amended.

Beltone is an Egypt-based company, which operates within the diversified financial sector focusing on investment banking and brokerage.

The company develops an online trading platform, called Beltone Trade, as well as provides brokerage services, asset management, investment banking, liquidity services in regional markets, and research and analysis services.

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