Chairperson of Beltone Financial Holding Company Maged Shawky said the company is working on a number of government proposals, and that one of these companies has postponed the offering, suggesting that the proposals will be postponed to the second half of this year (2H 2020) due to market conditions.
Shawky added in statements to Daily News Egypt that the general situation of the markets raised investor anxiety, expecting the conditions of the market to improve in 2H20.
In his opinion, the problem of the Coronavirus is temporary, noting that recovery rates are greater than new infections recorded, however, the rapid spread of the disease is what causes suspicion. He said that the virus is just an emergency that will pass.
Shawky stressed that there is an intention to finance bonds, introduce a strategic investor, or postpone a public offering for a while, especially with weak evaluations due to money market conditions.
He added that the company applied at the Financial Regulatory Authority (FRA) for a market maker licence. Working with the licence is expected to start in 2H20.
Beltone is a financial institution working in the field of investment banking services. It provides an integrated package of financial services to a huge client base that includes public and private companies, financial institutions, and financially solvent investors in the Middle East, Europe, North America, and Asia markets.
Beltone is the largest asset manager in Egypt with a managed investment base of EGP 26bn. It is also a leader in providing investment research in the region’s markets.