The Clap
Beltone (BTFH) announced that its BoD approved a decision to increase its capital by EGP 10 billion, which would be the largest capital increase in EGX history if approved by the company’s general assembly and the FRA.
What
The FRA gave Beltone the green light to begin the capital increase procedures and for the company’s extraordinary general assembly to meet and discuss the matter.
So What
The company will allocate 15% of the proceeds from the capital increase to pay off some or all debt owed by the company. The other 85% will finance the company’s expansion through acquisitions or the establishment of other companies.
Now What
Beltone must disclose the fair value of the share to existing shareholders 5 days before the opening of the subscription door.
