Abou Hashima takes a large stake in Beltone: Businessman Ahmed Abou Hashima will acquire a 5% stake in Beltone Financial after subscribing to the company’s ongoing capital increase, Asharq Business reported yesterday, citing two sources it says are familiar with the matter. “Abou Hashima bought the right to subscribe to the capital increase of Beltone, equivalent to 5% of the company’s shares, after the completion of the capital increase,” one of the sources reportedly said. A company representative declined to comment on the report when we reached out.

Beltone’s EGP 10 bn capital increase: The company is aiming to raise around EGP 10 bn by issuing new shares, making it the largest capital increase since Orange Egypt raised EGP 15 bn in March 2020, according to Asharq.

Subscription closes soon: The subscription period began on 6 June and investors have until 6 July to subscribe. The company’s 463.5 mn shares closed down 4.6% at EGP 4.35 per share yesterday, giving it a market cap of just over EGP 2 bn.

Chimera is Beltone’s majority shareholder: Abu Dhabi-based investment company Chimera Investments acquired 56% of Beltone in 2022 in a transaction that valued the company at EGP 690 mn.

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