November 6, 2018 / 9:26 AM / 12 days ago

UPDATE 1-Sarwa Capital's IPO prospectus contained no irregularities -Egypt's Beltone

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By Ehab Farouk

CAIRO, Nov 6 (Reuters) - Egypt’s Beltone Financial Holding said that the prospectus for last month’s initial public offering of consumer finance provider Sarwa Capital contained no irregularities.

Beltone managed the IPO of Sarwa Capital, whose share price fell sharply soon after it began trading on Oct. 15.

Beltone has come under criticism by asset managers for the way it allocated the shares in the private placement.

Last week the regulator suspended Beltone’s underwriting unit from any activity for six months.

Beltone has an additional 10 mandates from companies for share offerings, acquisitions and other services, said Sobhy El Sehrawy, head investment banking at Beltone. (Reporting by Ehab Farouk; writing by Nadine Awadalla and Patrick Werr; editing by Louise Heavens and Jason Neely)

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