(Adds Sawiris statement)
CAIRO, June 9 The board of Egyptian investment
bank Beltone Financial agreed to a five-to-one share
split on Monday to boost trading of its shares and increase its
investor base, the company's investor relations manager told
Last week Beltone said that, together with a group of
investors, it was seeking a 20 percent stake in investment bank
EFG Hermes in a $257 million deal.
Egyptian billionaire Naguib Sawiris confirmed that he is
among the investors and said in a statement: "This offer is a
vote of confidence in the young management team of EFG Hermes."
Beltone's shares were up almost 10 percent at the close on
Monday to trade at 30.11 Egyptian pounds ($4.21).
The share price has shot up by more than 82 percent this
year. At its highest, at 33.37 pounds in April, it had more than
doubled in 2014.
"The board agreed on splitting the shares of the company
into five with the aim of increasing the liquidity of the shares
in the market and to broaden the investor base," Osama Rashad
told Reuters by telephone.
The company hopes to receive shareholder approval for the
share split at the end of this month, he added.
($1 = 7.1501 Egyptian Pounds)
(Reporting By Shadia Nasralla and Ehab Farouk; Editing by Jason
Neely and David Evans)