Beltone Holding - BTFH announced today that its Board of Directors has approved an additional capital increase of EGP 10.75 billion, marking a pivotal move in its strategic expansion. This follows last year’s successful EGP 10 billion capital raise. The capital boost underscores Beltone’s commitment to fortifying its market position, scaling its data-driven financial services, and broadening its product offerings.
The following is a summary of the company's disclosure; the full disclosure is attached below.
Capital Increase Proposal: Approval to propose raising the authorized capital from EGP 11 billion to EGP 22 billion and the issued capital from EGP 10.93 billion to EGP 21.68 billion. The EGP 10.75 billion increase will be financed through a cash subscription, inviting existing shareholders to subscribe to 5.375 billion new shares at a nominal value of EGP 2 per share. Subscription rights will be traded separately from the original shares.
Regulatory Compliance: Adoption of a Disclosure Report template as per Egyptian Stock Exchange rules, authorizing the CEO and Managing Director to secure regulatory approvals and make necessary amendments.
Incentive and Reward System: Approval of a proposed incentive plan to grant free shares to employees, managers, and executive board members across Beltone and its subsidiaries. The plan, including terms and funding mechanisms, will be presented to the Extraordinary General Assembly for final approval.
Extraordinary General Assembly Meeting: Authorization to convene an Extraordinary General Assembly, pending regulatory approval of the Disclosure Reports, to finalize the capital increase and incentive plan.
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