Beltone Financial Holding has concluded the largest capital increase ever in the history of the Egyptian Exchange (EGX) after the completion of subscription rounds of the EGP 10 billion rights issue of 5 billion new ordinary shares, as per a press release on July 19th.
Following the listing of the new shares on the EGX, the company’s issued and paid-in capital will increase to EGP 10.9 billion from EGP 926 million.
“The successful completion of the rights issue is one of the key milestones in our growth strategy on which we have been delivering,” Beltone’s CEO Dalia Khorshid commented.
It is worth noting that the subscription to Beltone’s capital increase was subscribed at a coverage ratio of 97.99% in the first phase, while it was 5.49 times covered in the second phase.
