Beltone Market Maker, a subsidiary of Beltone Financial Holdings, one of Egypt’s leading investment banks, has begun providing market-making services in Orascom Construction’s shares on Nasdaq Dubai, a Dubai-based stock exchange that lists regional and international shares in the Middle East.
Market making involves offering both bid and offer prices in a tradable financial asset which supports liquidity, attractive pricing, and trading activity. This move supports liquidity in the shares of one of Egypt’s most prominent companies, increasing regional financial integration and cooperation.
Chairperson of Beltone Financial Holding Sameh El-Torgoman said: “Our market-making services benefit global as well as regional investors who wish to trade Orascom Construction shares on the Middle East’s international exchange.”
CEO of Nasdaq Dubai Hamed Ali explained: “The growing capital market links between the UAE and Egypt are playing an important role in the expanding financial and economic cooperation across the region. This trend benefits issuers who wish to raise capital, and also investors seeking easy access to the shares of attractive companies on an exchange regulated at international standards.”
Managing Director of Beltone Market Maker, Hazem Abdel Mohsen, said: “Market making Orascom Construction’s shares on the stock exchange is just the beginning of cooperation between Beltone Market Maker and Nasdaq Dubai. We look forward to solid market activity on Orascom Construction shares so we can start exploring other opportunities to diversify the trading options for the entire MENA region.”
Orascom Telecom Media and Technology previously loaned EGP 1bn to its subsidiary Beltone Financial to buy local investment bank CI Capital Holding, after purchasing Beltone Financial at the end of 2015.
Naguib Sawiris has acquired two investment banks to cash in on Egypt’s economic and financial recovery, stating that the move was “purely a market opportunity because the investment, brokerage, and asset management scene in Egypt was divided into one big player and lots of small- and medium-sized fractional players.”
These acquisitions will allow him to challenge EFG-Hermes in their dominance of the financial services industry.
