Matouk Bassiouny & Hennawy (MBH) acted as the legal counsel to Beltone Financial Holding (Beltone) in connection with an EGP 10 billion capital increase. The capital infusion comes on the heels of two highly successful subscription rounds, resulting in the issuance of 5 billion new ordinary shares. This impressive capital increase is now etched as one of the largest in the history of the Egyptian Stock Exchange (EGX), significantly boosting Beltone’s issued capital from EGP 926 million to a staggering EGP 10.9 billion.
The successful execution of the rights issue procedures further added to the milestone, setting a record as the fastest rights issue procedures ever witnessed on the EGX. The process commenced immediately after the conclusion of the subscription rounds.
The MBH team advising on the transaction was led by Mohamed A. Fattah (partner and head of capital markets, pictured) and included Mohamed Galal (counsel), Khaled Abdel Wahab (senior associate), Mohamed Qabel (associate), and Marwan Hatem (junior associate).