The board of directors of Beltone Financial Holding has approved increasing its free float shares through the sale of a number of shares in the company by the majority shareholder in order to increase the stock’s liquidity and strengthen the investor base in the Egyptian market and the company.
The decision came in light of a recommendation put forward by Bassem Azab, CEO of the company, according to a press statement released on Monday.
The statement said that this decision is taking place following the recent reforms undertaken by the Egyptian government to drive economic growth in Egypt and improve the investment climate.
Accordingly, the majority shareholder, Orascom Telecom Media and Technology Holding, has preliminarily agreed to sell a stake of not less than 5% and no more than 10% of their shares in the company on the Egyptian Exchange, according to the statement.
