The small investor in the Egyptian Stock Exchange, Ahmed Attia, did not believe himself when the financial brokerage company he was dealing with informed him that the shares in which he subscribed to the “Belton Financial Holding” company had not yet appeared in his account, and that he had to file a complaint with the Financial Supervisory Authority and the “First Abu Dhabi Bank Egypt” recipient Subscription, although he did all the subscription procedures himself, and deposited the required amounts in the bank on the specified date.
Attia, he was not the only one affected by the subscription in the company, but there are dozens like him, who subscribed and the shares did not appear in their financial portfolios, which prompted them to file a complaint with the bank and the General Authority for Financial Supervision, which held more than one meeting during the past week with the company and the bank, and they concluded To ensure that no investor whose papers prove to be correct is not harmed, and that he subscribed on time within the first phase.
Covering the subscription of the Egyptian “Belton” capital increase by about 98%
Earlier this month, Beltone Financial Holding succeeded in increasing its capital by ten billion pounds, in the largest cash increase in the history of the Egyptian Stock Exchange.
An official in the Egyptian capital market told “East Economy”, on condition of anonymity: “Shares will be made available through protected operations to those whose participation in the subscription procedures have been proven correct. The bank has already bought some shares from the market in last Thursday’s session, and we expect it to be completed this week.” from this problem.”
Beltone Financial Holding is one of the largest financial institutions in Egypt, with about 18 companies affiliated with it specialized in investment activities, asset management, securities, and IPO coverage. Beltone, an Egyptian joint stock company, was established in May 2006, and its shares were listed on the Egyptian Stock Exchange in April 2008.
Customer rights reserved
Mohamed Abbas Fayed, CEO of First Abu Dhabi Bank, Egypt, confirmed to Eqtesad Al Sharq that all customers’ rights are fully preserved, and none of them will be harmed by any technical operational error made by the bank.
He added, “This is mentioned in such large subscriptions, and it will be remedied and the rights of subscribers will be preserved. Coordination is underway with the Financial Supervisory Authority regarding this, and this is a message of reassurance to everyone, and there is no need for concern at all.”
The Emirati “Chimera Investment” had succeeded in purchasing 56% of the shares of “Belton Financial Holding”, for about 385 million pounds, at a price of 1.485 pounds per share when the local currency exchange rate was 18.9 pounds to the dollar, while the stock is currently trading at 3.2 pounds.
Ahmed Attia said: “Even if we were compensated with shares, who will pay the price for the anxiety and anticipation that we suffered from during the past days as a result of our feeling of losing our financial savings? Financial Supervision and (Egypt for Clearing) to the bank receiving the subscription instead of being happy about the fastest and largest subscription in the history of the stock exchange.
2023-07-30 11:20:49
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