The resignation of Naguib Sawiris and Majid Shawqi from Beltone .. These are the most important amendments

The board of directors of Beltone Financial Holding Company has decided to make a broad amendment in its formation, including the resignation of the chairman of Orascom Investment Holding, the businessman Naguib Sawiris and the CEO of Beltone Majed Shawky, as well as former Minister of Finance Ahmed Galal, and President of the Egyptian Gamal Muharram Factoring Association.

Beltone said in a statement to the Exchange that the restructuring of the board of directors was part of the changes in the ownership structure resulting from the division of Orascom Investment Holding Company, the main shareholder of Beltone before the division, and its transfer to Orascom Financial Holding.

She added that the formation of the new board of directors will include Onsi Naguib Sawiris, chairman of the board of directors of Orascom Financial Holding, in place of Naguib Sawiris and Majid Shawky, representatives of Orascom Investment Company before the division, and that the board of directors should meet within a maximum of 3 weeks to appoint new independent members.

She explained that Majid Shawky, the former chairman of the Exchange, who spent around 9 years at Beltone, has resigned as CEO of the board, on condition that he continues to be a non-executive member. from the Board of Directors until the Ordinary General Meeting convened to approve the budgets and release the Board of Directors from its responsibility for the past financial year 2020.

The formation of the Board of Directors of Beltone Financial Holding Company prior to the aforementioned resignations was as follows: Majid Shawqi, Executive Chairman of the Board, Ibrahim Karam, Managing Director, and members of Naguib Sawiris, Ihab Salih, Niles Bakhtler, Wafa Zaqlama, in addition to 3 independent members, Dr Ahmed Jalal, and Munir Fakhry Abdel Nour, and Muhammad Jamal Muharram.

Orascom Financial Holding owns 74.5% of Beltone Financial Holding.

Onsi Naguib Sawiris chairs the board of directors of Orascom Financial Holding, to which ownership of Beltone Financial Holding has passed, while Niels Bachtter is the managing director.