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Egypt's Beltone hikes capital by over 1,000%, highest in EGX history

Egyptian investment company Beltone's issued and paid-in capital surged by 1,080 percent to EGP 10.9 billion following shareholders' full subscription
20.07.23 | Source: Ahram Online

The shareholders' move resulted in an instant boost to the company's capital, read a press release on Wednesday.


The shares were dominated by two major investors: Emirati investment fund Chimp 1 Investment SPV RSC LTD, a subsidiary of the US-based Chimera Investment Company; and Egyptian tycoon Ahmed Abu Hashima.


Chimp 1 Investment holds 55.9 percent of the company's shares, Abu Hashima 9.9 percent.


The remaining stake is distributed among small shareholders. 


Beltone's stock is valued at EGP 2 billion.


Egypt has suffered a severe surge in foreign currency outflows following the economic crisis triggered by the Russia-Ukraine war in February 2022 and other factors such as the Fed's tough calls on interest rates.


 The country's net foreign assets deficit reached $24.42 billion in March 2023.

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