The Financial Regulatory Authority (FRA) on Wednesday announced that Beltone Financial Holding has submitted documents to raise its issued capital.
The disclosure form includes the board of directors’ approval to increase the company’s capital by EGP 560.37 million to EGP 898.4 million from EGP 338.03 million, FRA said in a statement to the Egyptian Exchange (EGX).
The capital raise will be conducted by issuing 280.18 million shares at a nominal value of EGP 2 apiece.
The FRA is currently reviewing the attached documents, according to the statement.
During the first quarter of 2019, Beltone Financial incurred net losses of EGP 23.19 million, against a profit of about EGP 760,220 in the year-ago period.
Year-on-year, revenues retreated to EGP 138.77 million in Q1-19 from EGP 182.45 million.
As for standalone business, the company’s net losses increased to EGP 10.5 million in Q1-19, compared to EGP 7.12 million in Q1-18.