conduct company Chimera Investments UAE, negotiations to acquire 45% of the shares of the subsidiary GB Leasing Company For GB Auto Al Masria, one of the largest car assembly and distribution companies in Egypt, the Middle East and North Africa, according to a statement to Egypt Stock Exchange today.
Chimera’s pursuit of the new deal comes about 6 weeks after acquiring a 56% stake in Egyptian billionaire Naguib Sawiris.Beltone Financial Holding“, in exchange for about 385 million pounds, at a price of 1.485 pounds per share.
Egypt’s GB Auto said in its statement to the stock exchange, “The necessary regulatory approvals are being obtained to implement the deal.”
Sources to “Al-Sharq”: Emirati “Shimera” seeks to acquire a stake in the Egyptian “Halan”.
Established in 2007, Chimera is a private investment company headquartered in Abu Dhabi, affiliated with the Royal Group, and manages a diversified private investment portfolio that includes listed and unlisted shares in the local and regional capital markets, according to the company’s website.
The Emirati “Shimera” acquires only 56% of the shares of the Egyptian “Beltone”
Beltone Financial Holding; It is one of the largest financial institutions in Egypt, affiliated with about 18 companies specialized in investment activity, asset management, securities, and underwriting.
Chimera’s agreement to acquire 45% of the shares of GB Auto’s financial leasing company comes despite the presence of a subsidiary company called “Beltone Financial Leasing” established in 2020.
But Ihab Rashad, Vice Chairman of the Board of Directors of “Mubasher Capital”, believes that “the idea of Chimera is to acquire a company that operates with better market shares so that the return on capital is faster, and Chimera’s acquisition of Beltone or the financial leasing company of GB Auto is not the first and will not be the first.” Be the last, Chimera seeks, from its presence in Egypt, to transform into a comprehensive investment group.