Beltone Financial Holding has opened the door for strategic local, regional or international investors to buy a stake in the company.
It announced the opportunity would take place through selling part of its shares, or increasing its capital in accordance with the law.
The company’s plan to open the door to the entry of strategic shareholders in its ownership structure comes within the Board of Directors’ plan towards developing the company’s business. This mainly depends on the diversity of financing and strategic support for Beltone’s business.
The company said in a statement to the Egyptian Exchange (EGX) that this would require the company to negotiate with the previously mentioned institutions who have the desire to do so. This would also see the company provide studies and information that would help them to make a decision to contribute and enter as a strategic shareholder.
Beltone’s consolidated financial statements during 2020 showed an increase in its losses by 45%, on an annual basis. This was driven by the company’s incurred losses amounting to EGP 132.42m during 2020, compared to losses of EGP 91.50m in 2019, taking into account the rights of the minority.
The company’s revenues rose to EGP 276.71m in 2020, compared to revenues of EGP 233.4m in 2019.