Beltone Financial has obtained the required licences to launch three new companies in September, according to the company’s CEO, Ibrahim Mohamed Karam.
The three companies are Beltone Financial Leasing, Beltone Consumer Finance “BelCash”, and Beltone Venture Capital.
Karam said that the group will launch the three companies to support its efforts to convert to profitability in 2021.
In an interview with Reuters, Karam explained that, alongside obtaining the licences, Beltone has hired work teams, equipped headquarters for the companies, and has even already undertaken deals. Beltone Venture Capital has already agreed contracts in the industrial, food and agricultural processing sectors.
“We will launch a financial leasing company with an expected portfolio of EGP 600m ($37.8m) during the first year of operation, and a consumer finance company with an expected portfolio of EGP 400m,” he said. “There will also be a venture capital company specialising in medium and small companies.”
Karam added, “The new companies, with the strengthening of current activities, will help us turn to profit in 2021.”
Beltone Financial Holding Company currently has about 13 companies under its umbrella, specialising in investment activities, asset management, securities, and IPO coverage. The company was acquired by businessperson Naguib Sawiris in November 2015, for about EGP 650m.
Karam added that Beltone had succeeded in increasing its assets under management by about 20% since the beginning of the year, to reach EGP 27.5bn. This was through the acquisition of the management of two new funds for Banque Misr Iran and a government portfolio.