Egypt's Beltone Financial Holding's unveiled a one-for-two stock dividend plan as part of a two-stage capital increase programme of up to LE242 million ($33.9 million) to fund growth in its financial services business.

An initial capital increase of LE 41.83 million was approved by shareholders on Sunday night, the financial services company said in a statement.

That will see the company issue free shares to shareholders instead of paying cash dividends. Existing shareholders will receive one bonus share for every two shares held.

After that, Beltone plans a rights issue to raise LE200 million, the top end of its previously suggested range of 100-200 million.