Beltone Financial Holding filed a complaint via an Egyptian law firm to the Egyptian Financial Supervisory Authority (EFSA) against the continuous cancellation of transactions on Beltone shares.
According to a company press release, the Board of Directors decided to take this step in response to numerous complaints the company received from investors concerning the continuous cancellation of trade transactions on Belone’s shares. This decision primarily represents the company’s regard for the interests of its shareholders and for its reputation, especially as there was no apparent reason for the cancellation, the release read.
The release stated that the chairperson of the Egyptian Exchange (EGX) had issued multiple and consecutive decisions to repeatedly cancel the executed transactions on Beltone shares during the months of February, March, April, and May. Moreover, during some sessions, the EGX cancelled executed transactions on Beltone shares that had higher prices than the closing price of the previous session without cancelling the rest of the transactions.