{"id":590885,"date":"2023-07-27T00:00:00","date_gmt":"2023-07-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/27\/beltones-5-bn-new-shares-will-land-on-the-egx-today\/"},"modified":"2023-07-27T00:00:00","modified_gmt":"2023-07-27T00:00:00","slug":"beltones-5-bn-new-shares-will-land-on-the-egx-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/27\/beltones-5-bn-new-shares-will-land-on-the-egx-today\/","title":{"rendered":"Beltone\u2019s 5 bn new shares will land on the EGX today"},"content":{"rendered":"

Good morning, wonderful people, and happy THURSDAY to you all. <\/strong> We wish you a wonderful weekend \u2014 and a safe drive up to Sahel, for those of you heading in that direction. Just a few hours left\u2026 <\/p>\n

THE BIG STORY here at home: Nationwide rolling blackouts look set to be features of our daily lives through mid-August<\/strong>, it seems. We have the rundown in this morning\u2019s news well, below. <\/p>\n

HAPPENING TODAY-<\/strong> <\/p>\n

<\/a> It\u2019s a big day for: <\/strong> Beltone<\/a><\/strong>, whose 5 bn new shares will land on the EGX at the opening bell this morning after getting the go-ahead from the Financial Regulatory Authority, the firm said in a regulatory filing<\/a> (pdf<\/a> )<\/a> yesterday. Beltone closed its landmark EGP 10 bn capital increase<\/a> last week. Prominent global institutional investors came into the firm\u2019s share base via the transaction, which also met with heavy demand from domestic investors. <\/p>\n

More of this, please: <\/strong> It is effectively unheard-of in Egypt that investors locking up funds through subscription to a capital increase find their new shares listed and admitted to trading on the EGX this quickly. More common is that their cash sits in limbo, generating float for the issuer (not the investor) for weeks (or months) on end as corporate and regulatory procedures grind on. Kudos to Beltone and the FRA for making this happen so quickly. <\/p>\n

<\/a> El Sisi in Russia: <\/strong> President Abdel Fattah El Sisi is in St. Petersburg today and tomorrow to take part in the Russia-Africa Summit. The president arrived in Russia yesterday and held talks with Vladimir Putin. We have the details in this morning\u2019s diplomacy section, below. <\/p>\n

YOU MAY NOW WEEP- Nearly 3k cars are not coming to Egypt, and FX is not to blame:<\/strong> A freight ship bound for Port Said caught fire in the North Sea, taking with it thousands of German vehicles that had been bound for Egypt, Reuters<\/a> reports. One crew member has reportedly died in the fire, which was still blazing a few hours ago, the newswire writes. <\/p>\n

<\/p>\n

NOT HAPPENING TOMORROW-<\/strong> <\/p>\n

<\/a> Travis Scott\u2019s sold-out concert is officially canceled: <\/strong> The Grammy Award-winning American rapper\u2019s planned concert at the Giza Pyramids to unveil his new album has been canceled, the show\u2019s organizer, Live Nation, said yesterday<\/a>. The show, which was scheduled to take place tomorrow, was pulled for what Live Nation said were \u201ccomplex production issues\u201d that meant it couldn\u2019t take place at the location. All ticket holders will receive refunds, it said. <\/p>\n

The gig got a hard \u2018no\u2019 from our guardians of musical taste:<\/strong> The Egyptian Musician\u2019s Syndicate earlier this month revoked the concert\u2019s license<\/a> and led a campaign against it, claiming that Scott\u2019s \u201cstrange rituals\u201d are \u201cinconsistent with our authentic societal values \u200b\u200band traditions. \u201d In the days following the gig\u2019s announcement, social media and the nation\u2019s talk shows was full of chatter implying that the artist engages in satanic practices. <\/p>\n

Our take?<\/strong> An opportunity lost. It would have been a great showcase for Egypt to serve as the backdrop for the reveal of one of the most eagerly-anticipated albums in mainstream rap this year. <\/p>\n

BUT- Scott insists the show will go on:<\/strong> \u201cEgypt at the pyramids will happen but due to demand and detail logistics they just need a bit a time to set lay on lands [sic],\u201d he wrote on Twitter<\/a> yesterday. <\/p>\n

The global press are all over the story this morning:<\/strong> Reuters<\/a> | Rolling Stone<\/a> | Variety<\/a> | Forbes<\/a> | LA Times<\/a>. <\/p>\n

HAPPENING NEXT WEEK-<\/strong> <\/p>\n

<\/a> EGX50\u2019s time-of-death unveiled: <\/strong> The Egyptian Exchange is terminating its EGX50 index next Tuesday, 1 August, it said (pdf)<\/a> yesterday. A new shariah-compliant index<\/a> is set to replace it sometime over the coming months. <\/p>\n

<\/a> The National Dialogue is back on Sunday: <\/strong> The dialogue is resuming its general sessions starting Sunday, with get-togethers planned on political rights, trade unions, and local administration, Dialogue General Coordinator Diaa Rashwan told Hadith Al Akhbar ( watch, runtime: 8:48<\/a>). On Tuesday, the dialogue will discuss public debt and social justice, while Thursday\u2019s sessions will focus on cultural industries and post-divorce issues. <\/p>\n

THE BIG STORIES ABROAD- <\/strong> <\/p>\n

The Fed is dominating the front pages of the global business press this morning<\/strong> after the central bank went ahead with another 25-bps rate hike yesterday, taking rates to their highest level since 2001. We have more in Planet Finance, below. ( Reuters<\/a> | AP<\/a> | Bloomberg<\/a> | Financial Times<\/a> | Wall Street Journal<\/a> | CNN<\/a> | CNBC<\/a>) <\/p>\n

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CIRCLE YOUR CALENDARS- The Enterprise Finance Forum is taking place on 18-19 September at the St. Regis Hotel in Cairo.<\/strong> This flagship forum is the latest in our must-attend series of invitation-only, C-suite-level gatherings that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy. <\/p>\n

TAP OR CLICK HERE<\/a><\/strong> if you want to express interest in attending. We\u2019ll be sending out the first batch of invitations soon. <\/p>\n

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Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers. <\/p>\n","protected":false},"excerpt":{"rendered":"

The company completed a EGP 10 bn capital increase earlier this month<\/p>\n","protected":false},"author":1,"featured_media":590886,"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":[7204],"tags":[812,102,68,72,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-590885","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-beltone-financial","tag-capital-markets","tag-egx","tag-enterpriseam","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"4df7553e-2d65-4b38-9a3c-0da9c946a4ba","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/7\/1040.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Beltone 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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\/7\/1292.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592583,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/08\/beltone-financial-gets-the-regulators-go-ahead-for-dd-on-cash\/","url_meta":{"origin":590885,"position":1},"title":"Beltone Financial gets the regulator\u2019s go-ahead for DD on Cash","author":"enterpriseam admin","date":"8 August 2023","format":false,"excerpt":"Beltone is now cleared to begin due diligence","rel":"","context":"In "M&A 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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":560151,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/17\/ofh-shares-hit-the-egx-today\/","url_meta":{"origin":590885,"position":2},"title":"OFH shares hit the EGX today","author":"enterpriseam admin","date":"17 February 2021","format":false,"excerpt":"Shares of newly spun-off Orascom Financial Holdings\u2019 (OFH) will begin trading on the EGX today in the final step of its split from Orascom Investment Holdings (OIH), OIH said in a regulatory filing (pdf). The Financial Regulatory Authority and OIH shareholders approved the demerger late last year.Trading of OIH\u2019s shares\u2026","rel":"","context":"In "DEMERGER WATCH"","block_context":{"text":"DEMERGER WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/demerger-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/252.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":552000,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/this-evening-chimeras-acquisition-of-beltone-is-now-executed-the-bank-of-england-delivered-its-biggest-rate-hike-since-95\/","url_meta":{"origin":590885,"position":3},"title":"THIS EVENING: Chimera\u2019s acquisition of Beltone is now executed + The Bank of England delivered its biggest rate hike since \u201895","author":"enterpriseam admin","date":"4 August 2022","format":false,"excerpt":"Happy THURSDAY, wonderful people. We\u2019re never sure if the summer slowdown is real, but we\u2019re almost certain that summer Thursdays can earn the \u201cslowest day of the week\u201d superlative.THE BIG STORY TODAY The EGX finally reversed a streak in the red, jumping 5.3% today on much higher turnover than we\u2019ve\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"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":590885,"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 "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":651683,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/19\/mm-group-to-list-shares-in-march-beltone\/","url_meta":{"origin":590885,"position":5},"title":"MM Group to list shares in March -Beltone","author":"enterpriseam admin","date":"19 February 2017","format":false,"excerpt":"IPO Watch- MM Group for Industry and International Trade will list 25% of its shares on the EGX in March, Beltone Financial investment banking\u2019s Mohamed El Akhdar told Al Mal. El Akhdar says EFSA has approved a fair value assessment for the company of EGP 6.75 per share, giving MM\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"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\/590885","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=590885"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/590885\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/590883"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/590886"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=590885"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=590885"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=590885"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=590885"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=590885"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}