Egypt's Beltone board agrees to 1 bln pound capital increase

Reuters , Tuesday 17 May 2016

The board of Egypt's Beltone Financial has agreed to a one billion Egyptian pound ($112.6 million) capital increase, Osama Rashad, head of investor relations, told Reuters on Tuesday.

The increase, which will raise the firm's capital to around 1.34 billion pounds, will come in the form of a public offering to existing shareholders and aims to expand the company's operations both inside and outside of Egypt, the official said.

Rashad said the offering would be made at the nominal value of two pounds per share for the existing shareholders.

Beltone is in the process of acquiring investment bank CI Capital from Egypt's Commercial International bank CIB. On Sunday CIB approved a two-week extension for Beltone's offer which will now expire on May 26.

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