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