Beltone says to trade on Egypt bourse by year-end

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Egyptian investment bank Beltone Financial said on Sunday its shares listed on the Egyptian stock exchange would start trading before the end of 2010, part of a strategy that was delayed by merger plans.

Plans to merge with Pioneers Holding, announced in November, had delayed activation of the shares, Beltone head of investor relations Osama Rashad said.

The merger plans were scrapped in July after the companies failed to agree on strategy for the merged firm, and Rashad said Beltone’s plans to activate its shares were now back on track.

"The (merger plan) with Pioneers delayed the issue, but after the end of the talks, we decided to activate our shares," he said.

Beltone is based in Egypt, with offices in New York, Saudi Arabia, Qatar and the United Arab Emirates.

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By Reuters
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