Egypt's Beltone Financial pays settlement to end suspension of underwriting unit

CAIRO - 25 February 2019: Egypt’s Beltone Financial Holding has paid a settlement of LE 16 million ($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 around 15 percent soon after it began trading on Oct. 15.

($1 = 17.4900 Egyptian pounds)