Egypt.. Beltone Holding shares rose 1.12% in conjunction with the discussion of the capital increase

Beltone Holding’s shares, listed and traded on the Egyptian Stock Exchange, rose by 1.12%, before the end of trading on Wednesday, to trade at a price of 2.72 pounds per share, after calling the general assembly to convene.

Trading in Beltone Holding shares at that time occurred through 1,794 trading transactions, over 50.9 million shares, with a trading value of 139.78 million pounds.

The highest share price at that time was 2.8 pounds, while the lowest share price was 2.7 pounds. Beltone Holding Company decided to submit a proposal to the extraordinary general assembly that includes raising the maximum authorized capital of the company, from 11 billion pounds to 22 billion pounds.

The proposal also includes increasing the issued capital from 10.926 billion pounds to 21.676 billion pounds, an increase of 10.75 billion pounds. This increase will be financed by inviting current shareholders to subscribe to the increase shares.

The company explained that this will be through the issuance of 5.375 billion shares with a nominal value of two pounds per share, while allowing subscription rights for the increase shares to be traded separately from the original shares.

The Board of Directors also approved a report regarding the implementation of a new incentives and rewards system, which includes granting free shares to employees, managers, and executive board members of the company and its subsidiaries. This system will be presented to the extraordinary general assembly for approval.

It is worth noting that Beltone Holding Company recorded net profits amounting to 1.2 billion pounds during the first 9 months of 2024, compared to profits amounting to 85.77 million pounds in the same period in 2023, after calculating minority rights.