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The Egyptian Financial Supervisory Authority (EFSA) announced Thursday that it had decided to block Beltone Financial Holding, a subsidiary of Egyptian billionaire Naguib Sawiris, from trading for six months, according to Reuters.
According to the law, the board of directors of the Authority has taken steps to prevent the company from carrying on any or all of its permitted activities "if there is a threat to the stability of the capital market or the interests of the shareholders of the company or its customers ".
An FSA statement did not detail the reasons for the decision.
Beltone's latest public offering was for approximately 40% of the shares of Tharwa Capital, which offers consumer credit solutions valued at approximately 2.2 billion pounds ( $ 123.18 million).
On the basis of the measures that the FSA is empowered to take under the same law, the Beltone Holdings Brokerage Commission of Beltone Holdings is also committed to increasing the value of insurance filed from 50 million pounds for a year in the month following the decision.
Beltone is one of the largest financial institutions in Egypt, followed by 18 companies specializing in the areas of investment, asset management, securities and IPOs. .
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