Egypt's Beltone to issue bonus shares, raise capital

Egypt's Beltone Financial Holding's unveiled a one-for-two stock dividend plan as part of a two-stage capital increase programme of up to LE242 million ($33.9 million) to fund growth in its financial services business.

An initial capital increase of LE 41.83 million was approved by shareholders on Sunday night, the financial services company said in a statement.

That will see the company issue free shares to shareholders instead of paying cash dividends. Existing shareholders will receive one bonus share for every two shares held.