Thursday 02 Jan
The Egyptian Financial Supervisory Authority (EFSA) has approved the disclosure report of Beltone Financial Holding regarding the procedures for convening an extraordinary general assembly to discuss a capital increase.
In a disclosure issued on Monday, the EFSA clarified that the disclosure report includes increasing Beltone's authorized capital from 11 billion Egyptian pounds to 22 billion Egyptian pounds.
It also includes increasing the
issued capital from 10.926 billion Egyptian pounds to 21.676 billion Egyptian
pounds, an increase of 10.75 billion Egyptian pounds, distributed over 5.375
billion shares with a nominal value of 2 Egyptian pounds per share, through
inviting existing shareholders to subscribe to the increase shares, with the
trading of subscription rights in the increase shares separately from the
original share.
The EFSA has requested that the company
present a feasibility study outlining the uses of the capital increase proceeds
and the expected returns for shareholders during the coming general assembly
meeting, and include in the board of directors' report submitted to the
assembly at the end of each of the next two fiscal years details of the uses of
the proceeds of the capital increase.
It also requires compliance with
the provisions of Article 50 of the Egyptian Exchange listing rules regarding
the reward and incentive system for employees.
From January to September 2024,
Beltone Financial Holding reported a net profit of 1.2 billion Egyptian pounds,
a significant increase compared to the 85.77 million Egyptian pounds earned in
the same period of 2023 (after accounting for minority interests).
The company substantial revenue growth in the first nine months of the year. Total revenues reached 4.87 billion Egyptian pounds, a significant increase compared to the 949.82 million Egyptian pounds generated in the corresponding period of 2023.
