Egypt-based Sarwa Capital Holding for Financial Investments (S.A.E)'s IPO prospectus did not have any irregularities according to Beltone Financial Holding SAE's investment banking head Sobhy El Sehrawy, Reuters reported Nov. 6.
Beltone Financial was solely managing Sarwa's IPO, and recently had its own IPO unit suspended for six months by Egypt's Financial Regulatory Authority. The watchdog cited irregularities in the IPO procedure of Sarwa Capital as its motivation, according to an Amwal al Ghad report.
Sarwa's share price feel sharply soon after it began trading on Oct. 15.
Separately, Beltone's board on Nov. 7 decided to cancel plans to raise the company's issued capital to 1.3 billion Egyptian pounds from 338 million pounds, according to a filing with the country's bourse.
Sarwa Capital is owned by the Egyptian-American Enterprise Fund, while Beltone operates as a unit of Orascom Telecom & Media Technology Hldg SAE.
As of Nov. 6, US$1 was equivalent to 17.93 Egyptian pounds.
