November 1, 2018 / 2:37 PM / a month ago

Egypt regulator suspends Beltone Financial IPO unit for 6 months

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

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. (Reporting by Ehab Farouk, writing by Patrick Werr, editing by Sami Aboudi and Alexandra Hudson)

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