(MENAFN) Egypt's Beltone Financial , a unit of billionaire businessman Naguib Sawiris's OTMT, said on Sunday it planned to convert up to a third of its share capital into Global Depositary Receipts (GDRs) listed abroad.
Beltone executives will present the plan at the next general assembly when they will also ask shareholders to approve a previously-announced USD113 million capital increase.
Beltone did not give a reason for the move, but the investment banking firm has seen its shares repeatedly suspended on the Egyptian stock exchange.
GDRs, which are issued by depository banks that buy shares of foreign firms, make it easier for investors in developed markets to invest in emerging markets companies.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.