Cairo – Mubasher: Beltone SMEs, a subsidiary of Beltone Holding, has increased its paid-in capital from EGP 250 million to EGP 500 million, according to a press release.
The transaction aligns with the company’s strategic commitment to expanding operations and supporting Egypt’s dynamic small and medium enterprises (SME) sector.
The Financial Regulatory Authority (FRA) approved the company’s SME finance licence in August 2024, widening the subsidiary’s portfolio to more than EGP 400 million.
Beltone SMEs offers financial support to over 40 factories, enabling them to scale production and expand into new export markets.
Ashraf Abdel Fattah, CEO of Beltone SMEs, said: “We are on track to achieve a portfolio of EGP 1 billion by the end of 2024. This paid-in capital expansion enables us to further accelerate our efforts to support the SME sector, which is a key driver of Egypt’s economic growth.”
It is worth highlighting that Beltone SMEs received preliminary approval for its establishment from the FRA in January 2024, per Law No. 141 of 2014.
In the first half (H1) of 2024, the EGX-listed firm shifted to consolidated net profits valued at EGP 888.78 million, compared to net losses of EGP 145.89 million in H1-23.
