OGAM also discussed the implementation of employee share based payments and as an initial step gave approval for BFH to purchase Beltone ESOP.

A few weeks ago Beltone Financial Holding (BFH) announced its intentions to create liquidity and allow for its shares to start active trading on EGX.  This announcement along with the OGAM decisions announced today are all part of key strategic steps designed to ensure the perpetuation of BFH previous successes and help ensure its corporate growth; these steps have been unanimously agreed by the founders and shareholders.
The OGAM decided to recompose the Board of Directors to include a majority of its board members as non-executive and independent board members.  This is in line with the company’s efforts to bolster its corporate governance and to more closely adhere to the guidelines and regulations regarding board composition of publicly traded companies.
On the same note, and with the aim of maximizing BFH shareholders’ value, the group decided to perform an internal restructuring exercise whereby it will be spinning off certain non-earning assets from BFH the listed entity.  These non-earning assets are BMG and Beltone Arabia.
It is worth noting that BMG had obtained Saudi CMA’s approval to stop its brokerage and asset management licenses in June 2010 but has maintained its advisory license.  The company regards its presence in the Saudi Market as a long term play and is committed to its presence in such an important and heavy weight market within the region.
The OGAM also discussed the implementation of employee share based payments and as an initial step gave approval for BFH to purchase Beltone ESOP.