(Ecofin Agency) – After Orascom’s decision to sell its shares in the capital of Beltone Financial Holding, the investment firm Chimera bought back all the shares sold and became the majority shareholder of the company listed on the Egyptian Stock Exchange.
The Emirati investment company, Chimera Investments LLC, announced on Tuesday August 9 that it had finalized the acquisition of a majority stake of 55.9% in the capital of the Egyptian financial services company, Beltone Financial Holding.
Chimera, which manages a diversified portfolio of assets locally and internationally, paid 1.485 Egyptian pounds for each of the shares acquired. She is now the majority shareholder of Beltone.
“The acquisition is part of Chimera’s long-term expansion strategy. Over the coming period, we will seek to unlock value and implement a comprehensive transformation plan, aimed at restoring growth and profitability to Beltone Financial Holding.”said Syed Basar Shueb, President of Chimera Investment LLC
In mid-June, the Emirati company had submitted to the Financial Regulatory Authority (FRA) of Egypt an offer to acquire between 51 and 90% of the shares of Beltone Financial Holding, at 1.485 Egyptian pounds per share. A few weeks later, at the end of July, Orascom Financial Holding (OFH), Beltone’s majority shareholder at the time, agreed to sell approximately 56% of its shares in the investment bank and financial services firm to Chimera. The transaction has obtained the necessary internal and administrative approvals from the authorities in Egypt and the United Arab Emirates.
Through this acquisition, Chimera plans to expand its presence in the Middle East and North Africa (MENA) region, and to continue its long-term investments in regional economies. Dalia Khorshid, Egypt’s former minister of investment, has been brought to the general management of Beltone. She will lead its strategic transformation plan and will actively restructure and develop this firm which has suffered losses for several years. The objective is to bring it back to becoming a major player in the field of financial services in the MENA region and beyond.
Chamberline MOKO