{"id":564816,"date":"2021-03-01T14:20:02","date_gmt":"2021-03-01T14:20:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/01\/shuffle-at-beltone-management-following-demerger\/"},"modified":"2021-03-01T14:20:02","modified_gmt":"2021-03-01T14:20:02","slug":"shuffle-at-beltone-management-following-demerger","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/01\/shuffle-at-beltone-management-following-demerger\/","title":{"rendered":"Shuffle at Beltone management following demerger"},"content":{"rendered":"<p><strong>The EGX30 fell 0.03% at today\u2019s close<\/strong> on turnover of EGP 1.34 bn (7.9% below the 90-day average). Foreign investors were net buyers. The index is up 6.23% YTD.<\/p>\n<p><strong>In the green: <\/strong>Pioneers Holding (+3.7%), Sodic (+3.3%) and Madinet Nasr Housing (+2.9%).<\/p>\n<p><strong>In the red: <\/strong>Orascom Development Egypt (-3.5%), Heliopolis Housing (-3.1%) and Fawry (-2.2%).<\/p>\n<hr class=\"grey-line\">\n<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>MOVES- Maged Shawky, Naguib steps down from Beltone board following demerger: <\/strong>Beltone Financial has temporarily reshuffled is board of directors after <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a0c34203-11bd-4e8b-ad37-b861ca42b976\">last month\u2019s<\/a> horizontal demerger which saw its former parent company, Orascom Investment Holding (OIH), spinoff its non-bank financial services (NBFS) holdings into Orascom Financial Holdings (OFH),<\/p>\n<p><strong>Who\u2019s in: <\/strong>OFH Chairman Onsi Sawiris, Naguib\u2019s son, will act as the non-executive chairman of Beltone until a new board is appointed following the annual general assembly. He will be joined by the now-former executive chairman Maged Shawky, who will act as a non-executive member Beltone said in a bourse <a href=\"https:\/\/ent.news\/2021\/3\/Beltone-BoD-3-1-21-filing.pdf\">filing (pdf)<\/a>..<\/p>\n<p><strong>Who\u2019s out: <\/strong>Shawky, Beltone\u2019s long-serving top executive and capital markets veteran, stepped down along with Naguib, who was formerly a non-executive member. Former Finance Minister Ahmed Galal and Egyptian Factoring Association head Gamal Muharram (both of which were independent non-execs) are also stepping down.<\/p>\n<p><strong>Meanwhile, Beltone Financial topped the February brokerage league table with a market share of 14.4%<\/strong>, <a href=\"https:\/\/ent.news\/2021\/3\/DiscDoc_ID31890_28-Feb-2021_ENG.pdf\">EGX figures (pdf)<\/a> showed. Traditional first-place holder EFG Hermes came in second at 12.7%. <strong>Rounding out the top five:<\/strong> Mubasher (5.4%), Pioneers (5.4%), and CI Capital (4.8%).<\/p>\n<p><strong>EARNINGS WATCH- This comes as Beltone Financial reported a net loss of EGP 132.4 mn in 2020,<\/strong> compared with a EGP 121.8 mn loss in 2019, it said in <a href=\"https:\/\/ent.news\/2021\/3\/Beltone-conso-earnings-2020.pdf\">a statement on the EGX (pdf)<\/a>.<\/p>\n<p><strong>Naeem Holding for Investments\u2019s net losses decreased by 94.3% y-o-y in FY2020 to USD 349.6k<\/strong>, up from losses of USD 6.14 mn in FY2019, the company said in <a href=\"https:\/\/ent.news\/2021\/3\/Naeem-Holding-earnings-release-2020.pdf\">its financials<\/a><a href=\"https:\/\/ent.news\/2021\/3\/Naeem-Holding-earnings-release-2020.pdf\">(pdf)<\/a>. The company\u2019s revenues rose to USD 8.88 mn in 2020, compared to USD 4.66 mn in 2019.<\/p>\n<p><strong>Alexandria National Co. for Financial Investment (ANFI) reported<\/strong> <strong>net profits of EGP 4.56 mn<\/strong>, up from a loss of EGP 709.6k in FY2019, the company said in its <a href=\"https:\/\/ent.news\/2021\/3\/ANFI-2020-EARNINGS.pdf\">FY2020 financials (pdf).<\/a> The company\u2019s revenues increased to EGP 5.01 mn in 2020, compared to EGP 324.3k in the previous year. ANFI is currently the center of a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dfe3135e-1f51-4fb6-963b-163a781a6adf\">bidding war<\/a>, garnering interest from Kayan Sustainable Development, Zaldi Capital, Hong Kong\u2019s Zeta Investments, and a group of investors including Egyptian businessman Ahmed El Saba and Saudi Arabia\u2019s Mostafa El Humeidan.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The EGX30 fell 0.03% at today\u2019s close on turnover of EGP 1.34 bn (7.9% below the 90-day average). Foreign investors were net buyers. The index is up 6.23% YTD. In the green: Pioneers Holding (+3.7%), Sodic (+3.3%) and Madinet Nasr Housing (+2.9%). In the red: Orascom Development Egypt (-3.5%), Heliopolis Housing (-3.1%) and Fawry (-2.2%). [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7219],"tags":[3714,409,633,642,3347,206,3183,2065,867],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-564816","post","type-post","status-publish","format-standard","hentry","category-go-with-the-flow","tag-alexandria-national-company-for-financial-investments","tag-earnings-watch","tag-enterprisepm","tag-go-with-the-flow","tag-maged-shawky","tag-moves","tag-naeem-holding","tag-naguib-sawiris","tag-onsi-sawiris","wpautop","entry"],"acf":{"mongo_id":"8e1cfba4-f4f6-428d-ab5a-dfa9de5f2440","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[564809],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Shuffle at Beltone management following demerger - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/01\/shuffle-at-beltone-management-following-demerger\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shuffle at Beltone management following demerger\" \/>\n<meta property=\"og:description\" content=\"The EGX30 fell 0.03% at today\u2019s close on turnover of EGP 1.34 bn (7.9% below the 90-day average). Foreign investors were net buyers. The index is up 6.23% YTD. In the green: Pioneers Holding (+3.7%), Sodic (+3.3%) and Madinet Nasr Housing (+2.9%). In the red: Orascom Development Egypt (-3.5%), Heliopolis Housing (-3.1%) and Fawry (-2.2%). [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/01\/shuffle-at-beltone-management-following-demerger\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-01T14:20:02+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/01\/shuffle-at-beltone-management-following-demerger\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/01\/shuffle-at-beltone-management-following-demerger\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Shuffle at Beltone management following demerger\",\"datePublished\":\"2021-03-01T14:20:02+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/01\/shuffle-at-beltone-management-following-demerger\/\"},\"wordCount\":402,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"Alexandria National Company for Financial Investments\",\"earnings watch\",\"EnterprisePM\",\"Go with the Flow\",\"Maged Shawky\",\"moves\",\"Naeem Holding\",\"Naguib Sawiris\",\"Onsi Sawiris\"],\"articleSection\":[\"GO WITH THE FLOW\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/01\/shuffle-at-beltone-management-following-demerger\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/01\/shuffle-at-beltone-management-following-demerger\/\",\"name\":\"Shuffle at Beltone management following demerger - 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Foreign investors were net buyers. The index is up 6.23% YTD. In the green: Pioneers Holding (+3.7%), Sodic (+3.3%) and Madinet Nasr Housing (+2.9%). In the red: Orascom Development Egypt (-3.5%), Heliopolis Housing (-3.1%) and Fawry (-2.2%). 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Beltone\u2019s former executive chairman Maged Shawky, who had taken up a position as\u2026","rel":"","context":"In &quot;Moves&quot;","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/299.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574873,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/24\/orascom-financial-holding-strategy-to-arrive-by-years-end-sawiris\/","url_meta":{"origin":564816,"position":1},"title":"Orascom Financial Holding strategy to arrive by year\u2019s end -Sawiris","author":"enterpriseam admin","date":"24 September 2020","format":false,"excerpt":"Orascom Financial still working on plans for subsidiaries + investments, including potential sell-down of stake in Sarwa: Newly formed Orascom Financial Holding (OFH) is planning to bring to its shareholders a strategy for its subsidiaries and holdings within a few months\u2019 time, but has not yet made any concrete decisions,\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/9\/266.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":574553,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/14\/oih-eyeing-investment-partnership-with-the-sovereign-fund-of-egypt\/","url_meta":{"origin":564816,"position":2},"title":"OIH eyeing investment partnership with the Sovereign Fund of Egypt","author":"enterpriseam admin","date":"14 September 2020","format":false,"excerpt":"OIH eyes investment partnership with the Sovereign Fund of Egypt: Orascom Investment Holding \u2014 post-horizontal demerger \u2014 is considering making joint investments with the Sovereign Fund of Egypt (SFE), OIH Chairman Naguib Sawaris told Hapi Journal. Sawiris did not specify which assets in the SFE\u2019s portfolio are of particular interest\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/9\/158.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565755,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/28\/orascom-investment-to-sell-pakistan-internet-subsidiary\/","url_meta":{"origin":564816,"position":3},"title":"Orascom Investment to sell Pakistan internet subsidiary","author":"enterpriseam admin","date":"28 April 2021","format":false,"excerpt":"Naguib Sawiris\u2019 OIH to sell stake in Pakistan-based submarine cables business: Orascom Investment Holding\u2019s board of directors has preliminarily approved selling the company\u2019s entire stake in internet service provider Transworld Associates (TWA), the company said in a regulatory filing (pdf). OIH owns a 51% stake in TWA, which is an\u2026","rel":"","context":"In &quot;SPEED ROUND: M&amp;A WATCH&quot;","block_context":{"text":"SPEED ROUND: M&amp;A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":559885,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/08\/beltone-sarwa-will-soon-have-a-new-corporate-parent\/","url_meta":{"origin":564816,"position":4},"title":"Beltone, Sarwa will soon have a new corporate parent","author":"enterpriseam admin","date":"8 February 2021","format":false,"excerpt":"Trading of Orascom Investment Holding (OIH) shares on the EGX will be suspended this coming Thursday, 11 February, to allow the company to spin out assets including investment bank Beltone and non-bank financial services player Sarwa Capital into a new entity, Orascom Financial Holding. OIH confirmed the move in a\u2026","rel":"","context":"In &quot;Capital markets&quot;","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/129.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559973,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/10\/new-ofh-management-structure-sena-erten-tapped-as-ericsson-mea-vp\/","url_meta":{"origin":564816,"position":5},"title":"New OFH management structure + Sena Erten tapped as Ericsson MEA VP","author":"enterpriseam admin","date":"10 February 2021","format":false,"excerpt":"OFH management structure: Onsi Naguib Sawiris (LinkedIn) will become chairman of Orascom Financial Holding (OFH) \u2014 the spinoff company from Orascom Investment Holding that will be created in the upcoming horizontal demerger, OFH said in response to an inquiry from Hapi Journal. 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