Beltone Financial to cancel GDRs system

CAIRO – 10 October 2018: Beltone Financial Holding Company announced the decision of its board of directors to cancel the global depository receipts (GDRs) system.

The company added in a filing to the Egyptian Exchange (EGX) that this decision will be reviewed by the extraordinary general assembly.

According to the filing, the company will set the date of the upcoming meeting of the extraordinary assembly.

Beltone said in another filing that procedures to raise its capital by LE 1 billion will be maintained in accordance with the decision of the extraordinary general assembly on June 27, 2016.

The extraordinary general assembly approved in July to activate the reward and motivation system after the completion of capital hike.

On another note, the company announced in August that its offer to acquire a controlling stake in Orabank was rejected, as it didn’t reach a deal over the transaction’s financial terms with the African banking group.

In May, Beltone Financial’s board of directors agreed to acquire large stake in Orabank, which has branches in 12 African countries.

Beltone turned into profitability during the first quarter of 2018 at LE 760,200 in the first quarter of 2018, compared to losses of LE 8 million during the same quarter of 2017.

It reported earnings after minority amounting to LE 9 million in 2017, compared to LE 44 million in 2016.