{"id":621271,"date":"2018-11-05T04:00:48","date_gmt":"2018-11-05T04:00:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/05\/egypts-fra-says-suspended-beltones-investment-banking-arm-due-to-irregularities-in-sarwa-ipo\/"},"modified":"2018-11-05T04:00:48","modified_gmt":"2018-11-05T04:00:48","slug":"egypts-fra-says-suspended-beltones-investment-banking-arm-due-to-irregularities-in-sarwa-ipo","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/05\/egypts-fra-says-suspended-beltones-investment-banking-arm-due-to-irregularities-in-sarwa-ipo\/","title":{"rendered":"Egypt\u2019s FRA says suspended Beltone\u2019s investment banking arm due to irregularities in Sarwa IPO"},"content":{"rendered":"

** #1<\/strong> <\/a> FRA says Beltone suspension was due to \u201cirregularities\u201d in Sarwa IPO: <\/strong>The Financial Regulatory Authority (FRA) suspended Beltone Financial\u2019s<\/a> investment banking unit for six months after an investigation allegedly found the initial public offering of structured and consumer finance player Sarwa Capital last month was \u201cmarred by some financial market irregularities,\u201d FRA Deputy Khaled El Nashar told Reuters on Sunday<\/a>. He did not specify what those alleged irregularities were.<\/p>\n

Beltone has filed an appeal<\/strong> to challenge the FRA decision. A senior exec at the firm told us overnight that Beltone has yet to be informed of the exact allegations against it.<\/p>\n

Investor complaints prompted the investigation, not the drop in Sarwa\u2019s share price at IPO: <\/strong>The FRA opened its investigation after some investors filed complaints about the IPO, sources told Al Mal<\/a>, stressing that the aftermarket share performance was not the cause of the investigation. One investor speaking to the newspaper said that Beltone had advised him demand for Sarwa was so high, he should place an order for 400k shares during the subscription period to ensure an allocation of 100k shares \u2014 only to find he had been allocated the full 400k shares. The company\u2019s shares closed down more than 11%<\/a> in their EGX debut amid the same Emerging Markets Zombie Apocalypse that shortly after prompted the government to delay its own share-sale plans<\/a>.<\/p>\n

It is still unclear what, if any, connection there is between the suspension and a bid by Beltone\u2019s parent company for c. 30% of Sarwa.<\/strong> The FRA decision (pdf)<\/a> last Thursday to suspend the firm came only a day after Naguib Sawiris\u2019 Orascom Investment Holding (OIH), which owns Beltone Financial, said it was looking to acquire a non-controlling stake<\/a> of at least 25% in Sarwa Capital. Sarwa\u2019s shares jumped 10% after OIH\u2019s announcement, closing at EGP 6.17 on Wednesday (the day of the announcement).<\/p>\n

What of Beltone\u2019s IPO pipeline? <\/strong>Giza Spinning and Weaving is committed to having Beltone Financial quarterback its upcoming IPO despite the FRA decision, managing director Fadel Marzouk told Al Mal<\/a>. Giza Spinning was planning to sell 40% of its shares in 4Q2018, but postponed the offering amid the slump in local and global equity markets, Marzouk said. Marzouk\u2019s statement suggests that the IPO will be pushed back at least another six months.<\/p>\n

Market reacts: <\/strong>Beltone Financial\u2019s shares fell as much as 8% on Sunday, closing at EGP 6.60 while Sarwa Capital\u2019s shares dipped 1.43%, closing at EGP 6.21.<\/p>\n","protected":false},"excerpt":{"rendered":"

** #1 FRA says Beltone suspension was due to \u201cirregularities\u201d in Sarwa IPO: The Financial Regulatory Authority (FRA) suspended Beltone Financial\u2019s investment banking unit for six months after an investigation allegedly found the initial public offering of structured and consumer finance player Sarwa Capital last month was \u201cmarred by some financial market irregularities,\u201d FRA Deputy […]<\/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":[8572],"tags":[812,933,72,76,8915,78,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-621271","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-beltone-financial","tag-contact-financial","tag-enterpriseam","tag-financial-regulatory-authority","tag-giza-spinning-and-weaving","tag-ipo-watch","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"13b1fc42-00d7-41df-970e-04ba54c75b4e","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[621264],"teaser":"","voice_url":""},"yoast_head":"\nEgypt\u2019s FRA says suspended Beltone\u2019s investment banking arm due to irregularities in Sarwa IPO - 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\/05\/egypts-fra-says-suspended-beltones-investment-banking-arm-due-to-irregularities-in-sarwa-ipo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt\u2019s FRA says suspended Beltone\u2019s investment banking arm due to irregularities in Sarwa IPO\" \/>\n<meta property=\"og:description\" content=\"** #1 FRA says Beltone suspension was due to \u201cirregularities\u201d in Sarwa IPO: The Financial Regulatory Authority (FRA) suspended Beltone Financial\u2019s investment banking unit for six months after an investigation allegedly found the initial public offering of structured and consumer finance player Sarwa Capital last month was \u201cmarred by some financial market irregularities,\u201d FRA Deputy […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/11\/05\/egypts-fra-says-suspended-beltones-investment-banking-arm-due-to-irregularities-in-sarwa-ipo\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-11-05T04:00:48+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\" 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the firm\u2019s first public statement directly addressing still-hazy allegations of wrongdoing during the\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":621498,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/11\/few-investor-complaints-to-fra-says-beltones-el-sahrawy\/","url_meta":{"origin":621271,"position":1},"title":"\u201cFew\u201d investor complaints to FRA, says Beltone\u2019s El Sahrawy","author":"enterpriseam admin","date":"11 November 2018","format":false,"excerpt":"\u201cFew\u201d investor complaints to FRA were those who \u201clost\u201d on Sarwa IPO says Beltone\u2019s El Sahrawy: Beltone Financial Investment Banking head Sobhy El Sahrawy said he was unaware how many investors complained to the Financial Regulatory Authority (FRA) about alleged irregularities in the Sarwa Capital IPO, but said it was\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":599691,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/08\/fra-looking-to-file-criminal-case-against-beltone-officials-over-sarwa-ipo\/","url_meta":{"origin":621271,"position":2},"title":"FRA looking to file criminal case against Beltone officials over Sarwa IPO","author":"enterpriseam admin","date":"8 January 2019","format":false,"excerpt":"FRA looking to file criminal case against Beltone officials over Sarwa IPO: The Financial Regulatory Authority (FRA) is looking to file a criminal case against officials at Beltone Financial\u2019s brokerage and investment banking arms over alleged irregularities in the IPO of Sarwa Capital, according to statements from the FRA presented\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\/2019\/1\/543.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":600358,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/28\/beltone-financial-says-it-wants-to-settle-with-the-fra\/","url_meta":{"origin":621271,"position":3},"title":"Beltone Financial says it wants to settle with the FRA","author":"enterpriseam admin","date":"28 January 2019","format":false,"excerpt":"Beltone confirms it wants to settle with the FRA: Beltone Financial has filed open talks with the Financial Regulatory Authority (FRA) and will drop its case against the regulator as it seeks a way out of its current impasse, the investment banksaid in a bourse filing (pdf). The Administrative Court\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":604726,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/12\/11\/egypts-fra-postpones-beltone-appeal-hearing-again\/","url_meta":{"origin":621271,"position":4},"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":[]},{"id":621551,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/12\/could-beltones-ipo-fiasco-scare-the-market-off\/","url_meta":{"origin":621271,"position":5},"title":"Could Beltone\u2019s IPO fiasco scare the market off?","author":"enterpriseam admin","date":"12 November 2018","format":false,"excerpt":"Industry to the FRA: Make clear why Beltone was suspended over the Sarwa IPO or everyone could suffer: The Financial Regulatory Authority needs to make clear why it suspended Beltone Financial\u2019s IPO unit or risk harming the market for capital raisings and for the state\u2019s own privatization program, says Ahmed\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\/621271","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=621271"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/621271\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/621264"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=621271"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=621271"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=621271"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=621271"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=621271"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}