Beltone to move forward with another mega capital increase: Beltone Holding will increase its capital by EGP 10.75 bn after its board greenlit the move, according to a statement (pdf). The move supports Beltone’s growth strategy to strengthen its market position, leveraging data science to expand its financial services and expand its product offerings. The capital increase will be one of the largest ever on the EGX.

Its second massive capital increase in as many years: Beltone completed a mega EGP 10 bn capitalincrease on the EGX last year, which was met with major demand. This came shortly after Abu Dhabi-based investment company Chimera Investments acquired 56% of the company In 2022 and recruited an all-new team of senior execs, including Dalia Khorshid as CEO.

Moves in the right direction: The fresh faces and its transformation into a data-driven organization helped Beltone turn profitable in 2023 and expand as an end-to-end financial services giant. Its most recent earnings show Beltone recording EGP 1.1 bn in net income during the first nine months of 2024, up from EGP 86 mn during the same period last year.

Keep your eyes peeled: We expect more details about the capital increase to trickle through over the coming few days.

What they said: “This decision represents a significant step in accelerating our data-driven strategy and sustainable growth,” Khorshid said. “By further leveraging technology and artificial intelligence, along with investing in human capital, we are committed to achieving a transformational impact in the financial services sector creating long-term value for our shareholders,” she added.

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