Egypt’s Beltone Financial pays settlement to end underwriting unit suspension

Beltone Financial, the Egyptian investment bank owned by billionaire Naguib Sawiris, paid a settlement of 16 million Egyptian pounds ($914,800) to end the suspension of its underwriting unit, a regulatory source told Reuters on Monday.

Egypt’s financial regulator in November suspended the unit from carrying out any activity for six months over its role in the initial public offering of Sarwa Capital, whose share price dropped by 15 percent soon after it began trading on Oct. 15.