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Report: Beltone Financial to hike issued capital to 898.4M Egyptian pounds

Egypt-based Beltone Financial Holding SAE's shareholders approved increasing its issued capital to 898.4 million Egyptian pounds from 338.08 million pounds, Mubasher reported Aug. 4.

The company will issue 280.18 million shares at a price of 2 pounds per share for the capital hike. Shareholders also approved an issuance expense of 0.02 pounds per share, according to the report.

Additionally, shareholders recanted an earlier decision to increase the company's authorized capital to 3.00 billion pounds from 1.00 billion pounds and the issued capital to 1.33 billion pounds.

As of Aug. 2, US$1 was equivalent to 16.58 Egyptian pounds.