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Foreign investment in Egypt treasuries hit $22B end-Dec.       254M shares covered in sub., remaining shares will be reoffered, Beltone says       Egypts Talaat Moustafa to issue its first sukuk in April       Egyptian property developer IWAN eyes higher investments this year       EGX sets price limits of Foodicos right for Tuesday       Sharkia National Food (SNFC.CA) - Board Of Directors Decision       International company For Medical Industries -ICMI (ICMI.CA) - Release Concerning a Clients Shares (NILEX)       Release from Egypt for Poultry (EPCO.CA) Concerning any Material Events       Release from Pharaoh tech for control and communication systems (PTCC.CA) Regarding the Financial Statements (NILEX)       Arab Moltaka Investments Co (AMIA.CA) - Board Of Directors Decisions       Release From Beltone Financial Holding (BTFH.CA.) Concerning the Subscription Coverage Ratio       Egyptian Iron & Steel (IRON.CA) - Decisions of the Board of Directors meeting       UK announces £24M to support Egypt development sectors       Egypt may list its first green bonds in LSE this year       Global stocks stay near record highs; focus turns to central banks, earnings       Egypt signs 9 agreements for oil, gas exploration worth $452M       British Investment Fund to invest $700M in Egypt       CIB signs $100M MoU with British institution CDC       Egypt H1 of FY20 budget deficit 3.8% of GDP – minister       HCCDs contracting to implement EGP1bln infrastructure projects      
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Egypts Beltone to sell stake in brokerage Auerbach in 2020



Cairo: Egyptian investment bank Beltone Financial Holding plans to sell its 60% stake in New York-based brokerage Auerbach Grayson & Company to help stem losses, the banks chief executive said on Monday.
Beltone, controlled by Egyptian billionaire Naguib Sawiris, believes a sale will help it return to profitability this year after losses since it bought the Auerbach stake in 2016, Ibrahim Karam told Reuters.
"Although it (Auerbach) helps us with a presence in more than 120 markets, the losses that come from it are big. We have a plan to deal with it that will be finalised before March," Karam said in an interview in his office overlooking the Nile.
The board of directors had authorised him to negotiate the sale, he added.
Beltone reported losses of 14.3 million Egyptian pounds ($900,000) in 2017, 82.4 million pounds in 2018 and 66.5 million pounds in the first nine months of 2019.
The company also plans in 2020 to enter Gulf and African countries, expand its non-banking financial activities and manage the initial public offering of a big private company on Egypts stock exchange, Karam said.
Sawiris bought Beltone Financial in November 2015 for about 650 million pounds. It now has 13 subsidies specialising in investment, asset management and securities.
"We will enter the markets of UAE and Saudi Arabia within 2020. We will have a different model in Saudi Arabia to avoid the mistakes of others," he said, without elaborating.
"We aim for non-banking financial activities to represent 30-40% of the companys revenues within the three years until 2023," he added.
Beltone received approval from the Egyptian regulator to launch new non-banking financial activities in 2020, including financial leasing, mortgage financing and consumer financing. It later plans to begin other activities such as micro-finance, insurance and factoring.
The company, which has branches in Europe, United States and the Middle East, aims to become Egypts second biggest brokerage this year, Karam said.
Beltone in 2019 was fourth among Egypts 131 brokers by value of trades, according to the Egyptian stock exchange. It had a market share of nearly 5%, Karam said. Source: Reuters


Time Added: 2020-01-14 08:57:26
Source: arabfinance
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