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Beltone capital increase 92% subscribed
Beltone Holding (BTFH) announced that approximately 92% of its capital increase subscription was covered in the first phase, with investors subscribing to around 4.95 billion shares out of the total 5.37 billion available.
What’s Next?
Beltone will disclose details of the second subscription phase once it receives approval from the Financial Regulatory Authority.
Key Approvals
The company’s extraordinary general meeting recently approved doubling its authorized capital from EGP 11 billion to EGP 22 billion and increasing its issued capital from EGP 10.926 billion to EGP 21.676 billion.
Beltone’s Financial Expansion Plans
- Establishing new subsidiaries to expand into non-banking financial services.
- Acquiring or investing in industrial, service, and commercial companies.
- Increasing the capital of existing subsidiaries.
- Enhancing liquidity for the holding company and financing subsidiaries.
- Upgrading financial, IT, and compliance functions through advanced information systems.
- Expanding Beltone’s product and service portfolio by entering new sectors.
- Strengthening financial services by attracting top talent and making new investments.
- Ensuring sufficient liquidity to support business expansion and diversification in response to market developments.
A Historic Year
Beltone reported record net profits of EGP 1.7 billion last year, marking a 4.6x annual growth. Revenues exceeded EGP 7 billion, nearly quadrupling compared to 2023.
Orascom & Técnicas Reunidas Win $2.6B Contract in Saudi Arabia
Orascom Construction PLC (ORAS) and Spain’s Técnicas Reunidas secured a contract worth over $2.6 billion in Saudi Arabia to expand a gas-fired combined cycle power plant with a capacity of 3 gigawatts.
Project Details
The joint venture, owned equally by both companies, signed the contract with a Saudi consortium. The project includes carbon capture infrastructure and a 380-kilovolt substation.
Continued Leadership
This project highlights Orascom Construction’s leadership in the energy sector. The company’s total power projects in the Middle East and Africa exceed 30 gigawatts, including two combined cycle gas power plants in Egypt with a total capacity of 4.8 gigawatts.
A Challenging Year
Orascom’s net profits dropped by over 36% year-on-year in the first nine months of 2024, falling to $96 million. Revenue declined by nearly 2%, surpassing $2 billion.
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