Beltone Financial considers share split
Cairo, June 9, 2014
Egyptian investment bank Beltone Financial will discuss the possibility of splitting its shares on Monday, it said in a statement to the Cairo stock exchange.
Last week Beltone said that, together with a group of investors, it was seeking a 20 percent stake in investment bank EFG Hermes in a $257 million deal. Egyptian billionaire Naguib Sawiris is backing the deal, sources said.
Beltone's shares were up almost 10 per cent at 1023 GMT to trade at 30.11 Egyptian pounds ($4.21).
The company did not give any details about the possible stock split, such as how many shares each existing share could be divided into or the reasons for it. But such an action is usually carried out by companies who think their share price has risen to levels unaffordable to small investors.
Beltone's share price has shot up by more than 82 per cent so far this year. At its highest point, at 33.37 pounds in April, it had more than doubled in 2014. - Reuters