FILE – EGX FILE – EGX

Beltone’s grievances of FRA decisions rejected

Mon, Dec. 24, 2018
CAIRO – 24 December 2018: The Appeals Committee of the Egyptian Financial Regulatory Authority rejected Beltone Financial's grievances against the decision to suspend the company from covering and promoting initial public offerings for six months and raise its insurance value to LE 50 million.

The Grievance Committee of the commission decided to accept Beltone Financial's grievances' form and reject their subject.

Beltone Financial is awaiting the decision of the Administrative Court in January in the lawsuit filed against the same decision.

In November, FRA decided to charge Beltone Financial with raising the insurance value to the authority to LE 50 million, after accusing Beltone of irregularities in the IPO procedure of Sarwa Capital. The board of FRA decided on Nov. 1 to suspend Beltone from covering and promoting initial public offerings (IPOs) for a six-month period.

Beltone commented on the decision by saying that FRA’s decisions are surprising and that the company is yet to be informed of reasons for their issuance and their stipulations.

It added that its subsidiary, Beltone Securities Brokerage, continues to conduct normal business operations, adding that all of the group’s companies continue to operate in line with the aforementioned Financial Regulatory Authority's (FRA) decision.

Beltone affirms trading activities continuity after FRA's decision of suspension

CAIRO - 4 November 2018: Beltone Financial announced that its subsidiary Beltone Securities Brokerage continues to conduct normal business operations, adding that all of the group's companies continue to operate in line with the aforementioned Financial Regulatory Authority (FRA) decision.



Beltone Investment Banking is acting as Sarwa’s IPO Sole Global Coordinator and Bookrunner, and Marouk Bassiouny is acting as counsel to the issuer.
Trading on Sarwa Capital shares on EGX started Monday, October 15, after offering around 295.2 million of its shares on EGX, representing 47.2 percent of the company’s capital, at a price of LE 7.36 per share, reaching a total value of LE 2.2 billion.

Trading on Sarwa Capital starts Monday

CAIRO - 15 October 2018: Trading on Sarwa Capital shares on the Egyptian Exchange started Monday, October 15, recording LE 6.67 per share at 1:09 p.m.(CLT), and losing 9.74 percent of its opening price after trading on 12.39 million shares with a turnover of LE 82.68 million.




The company's retail offering of 877.4 million shares was oversubscribed 30.1 times, recording demands of LE 6.5 billion. The retail offering subscription period ran from October 3 and ended Wednesday, October 10, 2018.

On October 4, the company announced that its private offering was oversubscribed around 10.83 times, recording a strong demand of c.LE 21 billion ($1.2B), with demand coming from over 280 institutional and high net worth investors.

The company added that the final price of its public offering was set at LE 7.36 per share after the success of the book-building process for the institutional offering of 265.65 million ordinary shares.

In August, Sarwa Capital announced its intention to issue IPO on the EGX. Sarwa Capital is a provider of consumer and structured finance solutions in Egypt.
Beltone Financial Holding (known as: Beltone Financial) is a public company, listed on the Egyptian Exchange since April 2008.

Beltone Financial operates within the diversified financial sector focusing on investment banking & brokerage.

It has 20 subsidiaries operating across Egypt, Lebanon and China. Beltone Financial is based in Cairo, Egypt and was established in May 2006.

 
There are no comments on this article.

Leave a comment