Majority shareholders of Beltone Financial Holding SAE have sold 11.2% of the company’s shares to a group of financial institutions and investors from the US, Arab Gulf countries, and Egypt, according to a Thursday press statement.
The statement said that this emphatically reflects the desire of foreign investors to inject more investments into the Egyptian market.
The statement noted that the decision aims at creating more stock liquidity, whereby strengthening the company and the Egyptian market’s investor base, particularly in light of recent reforms undertaken by the Egyptian government to accelerate economic growth and improve the local investment climate.
“Subsequently, Beltone Financial Holding shall have 22.7% shares presented to free float,” the statement noted.
