Beltone Financial Holding announced that its shareholders had approved increasing the company’s issued capital to EGP 898.4 million from EGP 338.08 million during an ordinary general meeting (OGM).
The capital raise will be conducted by issuing 280.18 million shares at a nominal value of EGP 2 apiece, the company said in a filing to the Egyptian Exchange (EGX) on Sunday.
The OGM also approved issuance expenses of EGP 0.02 per share.
In addition, shareholders retracted its previous decision to increase the company’s authorised capital to EGP 3 billion from EGP 1 billion and the issued capital to EGP 1.33 billion from EGP 338.08 million.
During the first quarter of 2019, Beltone Financial turned to losses of EGP 23.19 million, against a profit of about EGP 760,220 in the year-ago period.
Year-on-year, revenues plunged to EGP 138.77 million in the three-month period ended 31 March from EGP 182.45 million.
As for standalone business, the company’s net losses rose to EGP 10.5 million in Q1-19, compared to EGP 7.12 million in Q1-18.