Egypt’s Beltone Financial Shareholders OK Capital Increase Plan

Egypt’s Beltone Financial Holding said its shareholders had approved a capital increase of 200 million Egyptian pounds (about $28 million) to fund growth in its financial services businesses.

Beltone will raise the funds in two stages beginning with a capital increase of 41.83 million Egyptian pounds approved by shareholders on Sunday night, the financial services company said in a statement.

The increase will be done in the first phase by issuing free shares to existing shareholders instead of paying cash dividends, the statement said.

Egypt’s stock market regulator approved the fundraising earlier this month.