Beltone Financial to offer four IPOs at EGX
managing director at Beltone Maged Shawqi - YOUM7(Archive)

Cairo: Beltone Financial Company announced Wednesday it will offer four new IPOs at the Egyptian Stock Exchange (EGX) starting next July, Mubasher news site reported.

Beltone is one of the leading financial service firms in the Middle East and North Africa, and an investment bank that provides a range of financial services.

Alaa Sabe’, chairman of Beltone’s board of directors, said the IPOs will comprise different sectors, but declined to mention which sectors.

Beltone has managed three major IPOs at the EGX, including a 2010 1.2 billion EGP ($168.4 million) Amer Group offering, a 2007 1.3 billion EGP GB Ghabbour Auto offering and a RAYA Corporation offering in 2005 for 340 million EGP.

The announcement comes on the heels of the EGX offering its first major IPO in four years on May 18, an Arabian Cement offering that traded at 10.3 EGP a share on its first day of trading, compared with its subscription price of 9 EGP.

Maged Shawqi, a former head of the EGX, and the managing director at Beltone, told The Cairo Post that the upcoming period will witness a “quantum leap” of IPOs, after presidential elections are held and if political and economic reforms are achieved.

“The Egyptian government actually took steps toward achieving economic reform through amending the oil subsidy system, providing the needed finance for development projects and improving services,” Shawqi said.

“These IPOs will regrow the EGX especially, and the Egyptian economy as a whole in the upcoming period,” Shawqi added. He cited the Arabian Cement offering success, despite the fluctuation and turmoil of cement prices due to petroleum shortages, as a reason for his optimism.

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