{"id":621219,"date":"2018-11-04T05:08:29","date_gmt":"2018-11-04T05:08:29","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/04\/fra-suspends-beltones-investment-banking-arm-for-six-months\/"},"modified":"2018-11-04T05:08:29","modified_gmt":"2018-11-04T05:08:29","slug":"fra-suspends-beltones-investment-banking-arm-for-six-months","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/04\/fra-suspends-beltones-investment-banking-arm-for-six-months\/","title":{"rendered":"FRA suspends Beltone\u2019s investment banking arm for six months"},"content":{"rendered":"

<\/a> FRA suspends Beltone Investment Banking for six months:<\/strong> With barely 30 minutes left in Thursday\u2019s trading session, the Financial Regulatory Authority (FRA) suspended Beltone Financial\u2019s investment banking arm, banning it from carrying out any market activities for a six-month period.<\/p>\n

Regulator gave no reason for the suspension, which had immediate effect: <\/strong>The order, which gave no explanation for the suspension, instructed the EGX and Misr Central Clearing, Depository and Registry (MCDR) to \u201ctake all required procedures to implement the order.\u201d The FRA also instructed Beltone\u2019s brokerage arm to take on more insurance against potential client claims:<\/strong> The firm has one month to raise its insurance cover to EGP 50 mn and must maintain it at that level for a year. You can read a copy of the order here (pdf)<\/a>.<\/p>\n

Beltone is cooperating with investigators, we\u2019re told, but senior execs don\u2019t know why the firm\u2019s IB unit has been suspended: <\/strong>The firm said in an overnight statement (pdf)<\/a> that it found the decisions \u201csurprising\u201d and noted that it had \u201cyet to be informed of \u2026 reasons for their issuance.\u201d Beltone, owned by Naguib Sawiris\u2019 Orascom Investment Holding (OIH) is seeking an explanation and said it will \u201cpursue the appropriate legal actions to safeguard its interests and those of its shareholders and clients.\u201d The firm said the same thing to Reuters<\/a> on Thursday.<\/p>\n

Beltone\u2019s brokerage arm is still trading: <\/strong>\u201cThe company also affirms that Beltone Securities Brokerage continues to conduct normal business operations, and that all of the group\u2019s companies continue to operate in line with the aforementioned FRA decisions,\u201d Beltone\u2019s statement said.<\/p>\n

Rumors are flying fast and furious on this one<\/strong>, and some of it really is the province of the Tin Foil Hat Brigade. We\u2019re going to instead suggest we all start with some basic questions everyone should be asking this morning:<\/p>\n

QUESTION #1: Is this related to the Sarwa IPO?<\/strong> Beltone ran last month\u2019s IPO<\/a> of consumer and structured finance firm Sarwa Capital<\/a>, shares of which fell 11% in their EGX debut despite an institutional offering more than 10x oversubscribed and a retail component that was even more in demand. The FRA announced after the start of trading that a committee would look into the IPO. Some in the local press<\/a> are drawing a connection between that probe and the suspension on Thursday of the IB unit.<\/p>\n

QUESTION #2: Or was it triggered by a bid by Beltone\u2019s parent company for c. 30% of Sarwa?<\/strong> The FRA ordered the suspension only one day after Beltone parent company OIH announced that it is looking to acquire<\/a> a non-controlling stake of at least 25% in Sarwa Capital. OIH CEO Tamer El Mahdi told Bloomberg<\/a> that \u201cthe company fundamentals are very strong, and we have no concerns in terms of the stock\u2019s performance since the IPO.\u201d<\/p>\n

QUESTION #3: Did the regulator suspend Beltone because of Sarwa\u2019s aftermarket share performance? <\/strong>It\u2019s unlikely, we think: That would be exceptionally bad news for the market in general, to say nothing for companies heading to IPO in 2019 and the investment bankers advising them. It\u2019s inconceivable that, absent fraud, a company or a bookrunner would be punished because a share flops after the start of trading.<\/p>\n

To wit: It\u2019s not unheard of for a company\u2019s shares to fair poorly at IPO.<\/strong> Consider ADT Securities (down 12% in New York on their first day of trading<\/a> this January in an IPO run by Morgan Stanley) or Facebook (down nearly 50% from its IPO price<\/a> in the first three months of trading). ADT shares are still underwater, while Facebook are up nearly 300% since their 2012 debut.<\/p>\n

Keep in mind: Sarwa went to market as the EM Zombie Apocalypse was biting Egypt particularly hard. <\/strong>The EGX30 tumbled nearly 26% between when Sarwa and Beltone first started pre-marking activities back in May and when the shares made their EGX debut on 15 October. The benchmark tumbled 11% during the IPO roadshow and then 6% between the announcement that Sarwa shares had been priced at EGP 7.36 (pdf)<\/a> and the first day of trading.<\/p>\n

Also: Gulf investors pulled back from Egypt on the same day as Sarwa\u2019s EGX debut <\/strong>as investors had to meet margin calls following the cratering of the Tadawul<\/a> in Saudi Arabia. The next day, even more oxygen left the market as investors piled into MNHD shares following the announcement that <\/strong>SODIC was seeking 51%<\/strong><\/a> of the real estate developer. <\/strong>The graph at the end of this story brings it to life.<\/p>\n

(Is how an IPO is priced a mystery to you? <\/strong>Check out Investopedia<\/a>, which runs you through the bookbuilding process used in most major global markets, including Egypt. It\u2019s how Beltone priced Sarwa, and it\u2019s the market standard used by others including EFG Hermes and CI Capital. In short: Investment bankers guide on a price range. Then, during a roadshow in which they get to grill company management, qualified institutional investors place orders for a certain number shares at their desired price. The investment bankers then decide, with the company, the price at which shares will make their trading debut \u2014 and which investors get how many shares. Retail investors are then offered the shares at the same price.)<\/p>\n

QUESTION #4: Was the order book for Sarwa inflated? <\/strong>We\u2019re told by a source close to the transaction that defaults on orders were within the \u201cnormal range\u201d and the \u201cmagnitude was small in view of the size of the offering.\u201d The source also claimed that \u201c70% of the demand and coverage came from institutional and foreign investors.\u201d Allocation of shares is at the sole discretion of the investment bankers and the company, and at allocation over 80% of shares \u201cwent to institutional and foreign investors,\u201d our source says. \u201c25% of the book was local institutions and 55% from foreign investors from the US, Europe, South Africa and the GCC.\u201d<\/p>\n

QUESTION #5: Did IPO money go missing? <\/strong>That\u2019s one of the wilder rumors we\u2019ve heard, and it really isn\u2019t possible: Egypt\u2019s delivery-versus-payment<\/a> (DVP) mechanism effectively leaves no room for an investment bank to keep cash raised in an IPO and not hand over shares.<\/p>\n

QUESTION #6: Will the regulator make clear this morning (or this week) why it suspended Beltone? <\/strong>It should, for the good of the market as a whole.<\/p>\n

QUESTION #7: Will OIH push on with its offer for a big chunk of Sarwa<\/strong>, or will it pull back amid the uncertainty? If they\u2019re not withdrawing the offer, the next step is to file paperwork.<\/p>\n

QUESTION #8: How will the market react to all of this? <\/strong>The news hit on Thursday with only 30 minutes or so left in the trading session.<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"

FRA suspends Beltone Investment Banking for six months: With barely 30 minutes left in Thursday\u2019s trading session, the Financial Regulatory Authority (FRA) suspended Beltone Financial\u2019s investment banking arm, banning it from carrying out any market activities for a six-month period. Regulator gave no reason for the suspension, which had immediate effect: The order, which gave […]<\/p>\n","protected":false},"author":1,"featured_media":621220,"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":[8572],"tags":[812,933,72,76,78,7128,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-621219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-beltone-financial","tag-contact-financial","tag-enterpriseam","tag-financial-regulatory-authority","tag-ipo-watch","tag-ma-watch","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"34503f00-5e70-452d-8efa-b46f3acbb1b6","order":"0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2018\/11\/362.png","photo_position":"above","related_issue":[621212],"teaser":"","voice_url":""},"yoast_head":"\nFRA suspends Beltone\u2019s investment banking arm for six months - 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\/2018\/11\/04\/fra-suspends-beltones-investment-banking-arm-for-six-months\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FRA suspends Beltone\u2019s investment banking arm for six months\" \/>\n<meta property=\"og:description\" content=\"FRA suspends Beltone Investment Banking for six months: With barely 30 minutes left in Thursday\u2019s trading session, the Financial Regulatory Authority (FRA) suspended Beltone Financial\u2019s investment banking arm, banning it from carrying out any market activities for a six-month period. 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The board of the Financial Regulatory Authority (FRA) has reportedly informed Beltone Financial that it is lifting its suspension of Beltone\u2019s investment banking arm, allowing it to resume normal operations as of this morning, according to a local press report. The FRA also\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":[]},{"id":601339,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/02\/26\/beltone-pays-egypts-fra-egp-16-mn-to-lift-investment-banking-suspension\/","url_meta":{"origin":621219,"position":2},"title":"Beltone pays Egypt\u2019s FRA EGP 16 mn to lift investment banking suspension","author":"enterpriseam admin","date":"26 February 2019","format":false,"excerpt":"Beltone suspension lifted after it pays EGP 16 mn settlement: Beltone Financial\u2019s investment banking arm resumed operations yesterday after the company paid EGP 16 mn in a settlement with the Financial Regulatory Authority (FRA), the authority said in a statement (pdf). The FRA also cut to six months the period\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\/2020\/2\/308.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621742,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/18\/court-rejects-beltones-request-to-stay-fra-imposed-suspension-on-investment-banking-arm-next-hearing-1-december\/","url_meta":{"origin":621219,"position":3},"title":"Court rejects Beltone\u2019s request to stay FRA-imposed suspension on investment banking arm; next hearing 1 December","author":"enterpriseam admin","date":"18 November 2018","format":false,"excerpt":"Court rejects Beltone\u2019s request to stay FRA-imposed suspension on investment banking arm: An administrative court rejected yesterday Beltone Financial\u2019s request to stay proceedings on a six-month suspension handed to its investment banking division by the Financial Regulatory Authority (FRA), sources tell Al Mal. According to the sources, the court requested\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":[]},{"id":605181,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/24\/fra-rejects-beltones-appeal-of-its-six-month-suspension\/","url_meta":{"origin":621219,"position":4},"title":"FRA rejects Beltone\u2019s appeal of its six-month suspension","author":"enterpriseam admin","date":"24 December 2018","format":false,"excerpt":"The Financial Regulatory Authority (FRA) rejected yesterday Beltone Financial\u2019s appeal of a six-month suspension handed to its investment banking arm over alleged irregularities in the IPO of consumer- and structured-finance player Sarwa Capital, Al Mal reports. The FRA alleges that Beltone inflated subscription figures in the bookbuilding process and claims\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":[]},{"id":604726,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/11\/egypts-fra-postpones-beltone-appeal-hearing-again\/","url_meta":{"origin":621219,"position":5},"title":"Egypt\u2019s FRA postpones Beltone appeal hearing again","author":"enterpriseam admin","date":"11 December 2018","format":false,"excerpt":"FRA postpones hearing on Beltone appeal to 17 December: The Financial Regulatory Authority has postponed to Monday, 17 December is hearing on Beltone Financial\u2019s appeal hearing of a six-month suspension handed to its investment banking arm, according to Al Mal. The hearing was first scheduled to take place on 26\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\/621219","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=621219"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/621219\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/621212"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/621220"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=621219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=621219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=621219"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=621219"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=621219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}