Beltone Financial Holding, owned by businessman Naguib Sawiris, has signed an agreement to sell its subsidiary Arabach Grayson with a group of investors, and all sales procedures will be finalized after obtaining the approval of the Financial Sector Regulatory Authority (FINRA) in the United States of America, according to a press release today Thursday.
Naguib Sawiris made the decision to sell within the framework of the Beltone strategy, which aims to focus mainly on the Egyptian market and the neighboring markets in the investment banking sector, in addition to expanding the non-banking financial services platform, which the company started since the beginning of 2020, and strengthening the group of non-banking investment and financial services to its customers within And outside the Arab Republic of Egypt as well as maximizing the return on the company’s investment and restructuring.
Billionaire Naguib Sawiris, through his company Orascom Investment Holding, acquired Beltone Financial in 2015, and Sawiris is a member of the company’s board of directors, and its board of directors is headed by Majid Shawky, the former chairman of the stock exchange.
Naguib Sawiris expanded in the non-bank financial activities sector by establishing two companies for real estate financing and financial leasing, in addition to establishing a company for retail sales activity, and aims to reach the real estate finance portfolio by the end of the year 300 million pounds, and financial leasing 400 million, while the sales activity portfolio will reach Installment 45 million pounds.
Beltone aims, from that plan, to restore the company to profitability levels again after achieving losses (losses of the parent company’s shareholders) amounted to 63.3 million pounds during the period from January to last September, compared to losses amounting to 27.2 million pounds in the comparative period of last year, taking into account the rights Minority, and its expansion plan is funded from the proceeds of the subscription, which it conducted to increase the issued capital with a total value of 553.27 million pounds, in addition to 5.53 million pounds issuance expenses, and raised the source head from 338.03 million pounds to 891.3 million pounds distributed on 445.65 million shares with a nominal value of 2 pounds For the stock.