November 1, 2018 / 4:38 PM / 16 days ago

UPDATE 1-Egypt regulator suspends Beltone Financial IPO unit for 6 months

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CAIRO, Nov 1 (Reuters) - Egypt’s financial regulator on Thursday suspended the IPO unit of Beltone Financial Holdings from carrying out any activity for six months, the regulator and the company said.

A statement by the regulator gave no explanation for the decision.

Beltone is controlled by billionaire businessman Naguib Sawiris through his company Orascom Investment Holding.

Beltone last month managed the IPO of Sarwa Capital , whose share price dropped by around 15 percent soon after it began trading on Oct. 15.

In a statement released on Thursday, Beltone said it had not violated any regulations or executive orders and planned to take legal measures to protect its interests and those of its shareholders and customers.

Sawiris’s Orascom Investment Holding said on Wednesday it had sought regulatory approval to acquire up to 30 percent of Sarwa Capital’s shares in a voluntary offer in November.

Sawiri could not immediately be reached for comment. (Reporting by Ehab Farouk, writing by Patrick Werr, editing by Sami Aboudi and Alexandra Hudson)

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