Cairo – Mubasher: Beltone Financial Holding is preparing around 10 companies that are set to launch initial public offerings (IPOs) and list their stocks on the Egyptian Exchange (EGX), the company’s head of investment banking Sobhi El Sehrawy said Tuesday.
Speaking at press conference at EGX headquarters, the top official revealed that the companies whose IPOs and listings were to be managed by Beltone encompassed diverse sectors.
El Sehrawy declined to name the companies because the information was private, but told Al Youm7 newspaper that the companies did not include any state-run ones.
Beltone is looking to launch an IPO for at least one company in the first quarter of 2018, he added.
In September, Beltone’s chairman said that his company was looking to manage IPOs and mergers and acquisitions of around EGP 10 billion in the coming period.
Beltone managed Ibnsina’s IPO. The company began its first day of trading on the EGX earlier on Tuesday.
The financial services company last reported a year-on-year 1,245% surge in losses to EGP 22.87 million from EGP 1.7 million on the back of higher salaries and commissions in foreign markets.
