{"id":590442,"date":"2023-07-19T00:00:00","date_gmt":"2023-07-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/19\/beltones-record-egp-10-bn-capital-increase-closes-sees-foreign-institutions-take-stakes\/"},"modified":"2023-07-19T00:00:00","modified_gmt":"2023-07-19T00:00:00","slug":"beltones-record-egp-10-bn-capital-increase-closes-sees-foreign-institutions-take-stakes","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/19\/beltones-record-egp-10-bn-capital-increase-closes-sees-foreign-institutions-take-stakes\/","title":{"rendered":"Beltone\u2019s record EGP 10 bn capital increase closes, sees foreign institutions take stakes"},"content":{"rendered":"

Beltone wraps up huge capital increase:<\/strong> Investors fully subscribed to Beltone blockbuster EGP 10 bn capital increase, the company said in an EGX disclosure (pdf)<\/a> yesterday. The rights issue was 98% covered<\/a> by investors during the first phase of subscription, which ended last week. The remaining shares were sold during a second subscription phase that closed yesterday \u2014 and that was nearly 5.5x oversubscribed. In total, the transaction placed 5 bn new shares in the market. <\/p>\n

Beltone now has global institutional investors on its shareholder list<\/strong>, group CEO Dalia Khorshid said in a statement (pdf)<\/a> out last night. \u201cWe are pleased [with] \u2026 the support we have received from existing shareholders as well as new investors who have participated, amongst them prominent global institutional investors,\u201d she said, calling it a \u201ctestament to our transformation plan aiming at value-driven growth.\u201d <\/p>\n

Beltone has done a 180\u00b0 shift since Khorshid\u2019s appointment by the UAE\u2019s Chimera last year<\/strong>, recruiting an all-new team of senior execs (including CEOs for key lines of business), restructuring, and \u201cinvesting in our digital future,\u201d she said. \u201cAs a team, we look forward to building on that foundation as we grow at home and across global markets, calling on data-driven fundamentals to create growth for our shareholders,\u201d Khorshid added. <\/p>\n

A reinvigorated Beltone is good for the market<\/strong>, as we\u2019ve written previously<\/a>, harkening back to a day when the three-way race between EFG Hermes, CI Capital and Beltone delivered strong competition at home and beyond. <\/p>\n

Beltone\u2019s capital increase \u2260 Orange or CIB: <\/strong>The nature of the transaction is fundamentally different. The largest single capital increase in Egypt was in March 2020, when France\u2019s Orange used a capital increase to inject EGP 15 bn<\/a> into Orange Egypt. CIB last year executed a capital increase of a bit less than EGP 10 bn<\/a> by issuing new shares to existing stockholders, paid out of the company\u2019s reserves. <\/p>\n

The key here is that Beltone went to market to raise fresh capital \u2014 and welcomed plenty of new shareholders in the process<\/strong>, including both high-profile global and regional institutions. Egyptian retail investors also clamored to be allocated shares, as the oversubscription ratio on the second round of the increase shows. <\/p>\n

Chimera is Beltone\u2019s majority shareholder:<\/strong> Abu Dhabi-based investment company Chimera Investments last year acquired 56% of the company<\/a> from Orascom Financial Holding in a transaction that valued the company at EGP 690 mn. Chimera, a unit of Royal Group, is helmed by our friend Seif Fikry, a veteran of regional financial markets. <\/p>\n

Market reax: <\/strong>Beltone\u2019s shares closed down 2.4% at EGP 4.07 per share yesterday. The benchmark EGX30 was up 0.6% yesterday in weak trading ahead of the holiday long weekend. <\/p>\n","protected":false},"excerpt":{"rendered":"

Second phase of rights issue was c. 5.5x oversubscribed<\/p>\n","protected":false},"author":1,"featured_media":590443,"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":[7303],"tags":[590,812,102,350,72,503,7128,595],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-590442","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-ahmed-abou-hashima","tag-beltone-financial","tag-capital-markets","tag-chimera-investment","tag-enterpriseam","tag-financial-services","tag-ma-watch","tag-non-banking-financial-services","wpautop","entry"],"acf":{"mongo_id":"415bf354-a92f-4abc-816f-129a1a31875b","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/800.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Beltone\u2019s EGP 10 bn capital increase covered as subscription closes, the largest transaction of its kind on the EGX","related_issue":[590437],"teaser":"Second phase of rights issue was c. 5.5x oversubscribed","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.2ff9745d-255a-4eea-859b-dfa2785e77a5.mp3"},"yoast_head":"\nBeltone\u2019s record EGP 10 bn capital increase closes, sees foreign institutions take stakes - 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\/2023\/07\/19\/beltones-record-egp-10-bn-capital-increase-closes-sees-foreign-institutions-take-stakes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Beltone\u2019s record EGP 10 bn capital increase closes, sees foreign institutions take stakes\" 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WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/1144.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":591174,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/01\/beltone-wants-to-acquire-a-local-microfinance-player\/","url_meta":{"origin":590442,"position":1},"title":"Beltone wants to acquire a local microfinance player","author":"enterpriseam admin","date":"1 August 2023","format":false,"excerpt":"Beltone in July closed an EGP 10 bn capital increase","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A 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WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/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":590442,"position":3},"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 "Capital markets"","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":663004,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/03\/26\/beltone-holding-closes-first-round-of-blockbuster-egp-10-8-bn-capital-increase\/","url_meta":{"origin":590442,"position":4},"title":"Beltone Holding closes first round of blockbuster EGP 10.8 bn capital increase","author":"enterpriseam admin","date":"26 March 2025","format":false,"excerpt":"The total increase will see Beltone\u2019s capital rise to EGP 21.7 bn","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/3\/2144.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593487,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/28\/fra-approves-beltone-financial-capital-increase-to-pay-off-oih-debt\/","url_meta":{"origin":590442,"position":5},"title":"FRA approves Beltone Financial capital increase to pay off OIH debt","author":"enterpriseam admin","date":"28 November 2019","format":false,"excerpt":"The Financial Regulatory Authority (FRA) has approved Beltone Financial\u2019s planned capital increase to EGP 898 mn from EGP 338 mn through a rights issue of 280 mn shares at EGP 2 apiece, according to a FRA disclosure to the EGX (pdf). The capital increase will allow Beltone to pay off\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/590442","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=590442"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/590442\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/590437"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/590443"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=590442"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=590442"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=590442"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=590442"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=590442"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}