Cairo – Mubasher: The board of Beltone Holding has approved proceeding with all legal and regulatory procedures to increase the company’s issued capital by EGP 10.75 billion, building on the EGP10 billion successful capital hike in 2023.
Beltone’s capital will stand at EGP 21.67 billion compared with EGP 10.92 billion before the increase transaction, according to a bourse filing.
Group CEO and Managing Director of Beltone, Dalia Khorshid, said: “This decision represents a significant step in accelerating our data-driven strategy and sustainable growth.”
Khorshid added: “By further leveraging technology and artificial intelligence, along with investing in human capital, we are committed to achieving a transformational impact in the financial services sector creating long-term value for our shareholders.”
The company will carry out the capital hike through a cash increase financed by inviting existing shareholders to subscribe to the increase shares, each in proportion to their ownership in the company’s capital prior to the increase. This transaction will involve issuing 5.37 billion shares to be subscribed at the nominal value of EGP 2 per share.
Beltone noted: “The right to subscribe to the increase shares will be traded separately from the original share.”
In addition, the board members passed during the 24 December 2024 meeting the decision to submit a proposal to the extraordinary general assembly Beltone to double the authorised capital from EGP 11 billion to EGP 22 billion.
The company concluded in its official statement: “The board of directors' approval supports the company's growth strategy to strengthen its market position, leveraging data science to expand its innovative financial services and diversify its product offerings.”
It is worth noting that during the first nine months (9M) of 2024, Beltone generated EGP 1.20 billion worth of consolidated net profits after tax while its standalone profits hit EGP 650.17 million.
Recently, Ali Mokhtar, the CEO and Managing Partner of Beltone Venture Capital, a subsidiary of the listed firm, was named among the Top Venture Capitalists for 2024 under Forbes Middle East list.
