Beltone to organize 15 IPOs, mergers worth LE 10B: Chairman

CAIRO – 18 September 2017: Beltone Financial Holding targets organizing listings of new firms on the Egyptian Exchange (EGX), in addition to mergers and acquisitions of 15 firms at LE 10 billion ($5.7 billion), Chairperson of the company Sameh El Torgoman said Monday.

At the two-day conference which kicked off in Cairo Monday, Torgoman added to Egypt Today that all investors are interested in the Arab region and in the Egyptian market.

Speaking about the company's withdrawal from the Reefy acquisition, Torgoman said that Beltone is still in the deal and won't draw back, but that it is studying some points.

Regarding the government’s initial public offerings (IPOs), Torgoman assured that Beltone will be participating in all the offerings, even if it is not responsible for managing them, but will be helping in attracting investors towards them.

The Egyptian government has taken some reforming measures in the last period to restructure the economy. These reforms have come in the form of floating the Egyptian pound and changing the governing regulations, in addition to some of the Central Bank of Egypt's (CBE) policies, such as the financial inclusion.

Torgoman highlighted that all the aforementioned reforms are in favor of restructuring the national economy and the country will be bearing the fruit by the end of the current year and the beginning of the next year.
It is important for the restructuring reforms to be accompanied by institutional ones, Torgoman said, adding that facilitating the investment atmosphere is also needed, with setting rules for investors on how to trade in markets. Changing decisions results in 90 percent of investment disputes.