Beltone’s board approves additional capital hike to drive expansion strategy
Updated 12/25/2024 10:17:00 AM
Arab Finance: The board members of Beltone Financial Holding greenlighted increasing the authorized capital from EGP 11 billion to EGP 22 billion, according to a bourse disclosure.
The board also agreed to proceed with all legal and regulatory measures to raise the issued capital by EGP 10.75 billion to EGP 21.67 billion from EGP 10.92 billion.
The capital hike supports the company's growth strategy to reinforce its market position, leveraging data science to expand its financial services and diversify its product offerings.
Dalia Khorshid, Group CEO of Beltone Holding and Managing Director, commented: “By further leveraging technology and artificial intelligence, along with investing in human capital, we are committed to achieving a transformational impact in the financial services sector creating long-term value for our shareholders.”
This decision came after the successful capital increase of EGP10 billion last year.
As of 30 September 2024, the EGX-listed company posted 1,218.15% year-on-year (YoY) higher consolidated net profits attributable to the parent company at EGP 1.130 billion.
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