The Clap
Beltone Financial (BTFH) has announced its 9-month 2022 earnings; & proposed a giant capital increase.
Earnings
Both revenues & profits declined during the first three quarters of the year, with the bottom line standing at EGP 140 in losses as costs incurred on borrowed funds increased significantly.
Capital Increase
Beltone’s board of directors has agreed to increase the company’s paid-in capital from EGP 0.9 billion to EGP 10.9 billion.
So what
Companies can choose to undergo a capital increase for several reasons, including acquisitions, re-balancing the capital structure, & growth.
Now what
The decision is pending approval from the Extraordinary General Assembly, & if approved would come in the form of a rights issue subscription for 5 billion shares at a par value of EGP 2/share.
