Egypt’s stock exchange stops trade in Beltone Financial, citing unjustified price

CAIRO: Beltone Financial’s/sshares were suspended from trading on the Egyptian bourse on Monday due to trades it considered were made at an unjustified price, stock exchange sources told Reuters.

The new fair value for Beltone’s shares will be less than 10.07 Egyptian pounds (Dh4.15; $1.13), said the sources, who declined to be named because they were not authorised to speak to the press.

Shares of Beltone closed on Sunday at 10.71 Egyptian pounds.

Beltone Financial filed a lawsuit in June against the heads of the Cairo stock exchange and Financial Supervisory Authority over the repeated cancellation of trades in its stock after it jumped more than 550 per cent in the months following the company’s acquisition by billionaire businessmen Naguib Sawiris.