The Egyptian Financial Supervisory Authority (EFSA) is currently reviewing the fair value report for the expected value of Beltone Capital's shares in its upcoming initial public offering (IPO), issued by Grant Thornton for consultancy, according to Beltone CEO Hazem Barakat. EFSA's work comes in line with the procedures for an IPO on the Egyptian Exchange (EGX). Barakat said the negative performance of EGX and the decline in the market prices of the companies' traded shares will not change Beltone's decision about the IPO. The company targets approximately EGP 1bn through this IPO to provide the required liquidity for the company's investments. The fair value of Beltone's share is set at approximately EGP 27.28, according to Grant Thornton, while Beltone's board approved this value. In addition the board agreed on a suggestion to change the company's name to be Avaris Holding for Financial Investments to avoid confusion regarding Beltone's name. The capital of Beltone Capital amounts to EGP 584m and it has shares in a number of companies, including Madinet Nasr for Housing and Development, Giza Systems, and Total Egypt. Barakat explained that the plan is for the two companies managing the IPO, Beltone Financial and CitiBank, to promote subscriptions for company shares in different markets, such as US and the Gulf countries. The company registered a net profit of EGP 11.26m in the first nine months of 2015 compared to losses estimated at approximately EGP 642,800 in the same period in 2014.
