This will be the 2nd offer for Beltone in June alone, receiving a mandatory non-binding purchase offer from a consortium of “strategic investors” through Cairo-based WM Consulting
UAE’s Chimera Investments is looking to acquire a majority stake in Egypt’s investment bank and financial services Beltone Financial Holding, becoming the 2nd offer to be put on the table for the bank in the last 2 weeks.
Chimera Investments has submitted to the Financial Regulatory Authority (FRA) a mandatory non-binding bid to buy the shares of Beltone Financial Holding, revealed FRA.
According to the statements, Chimera is aiming for a 51%-90% stake in Beltone, a 58.2% subsidiary of Orascom Financial Holding (OFH), at an initial price of EGP 1.49 per share.
Chimera will provide a purchase offer and legal documents to complete the transaction after receiving the relevant regulatory approvals in Egypt and the UAE, explained a statement.
This will be the 2nd offer for Beltone in June alone, receiving a mandatory non-binding purchase offer from a consortium of “strategic investors” through Cairo-based WM Consulting for a controlling stake in the company.
The consortium’s offer was also for a 51%-90% stake in Beltone. However, Chimera’s offer is 10% above WM’s, which offered to purchase shares at an initial price of EGP 1.35 per share.
During the first quarter (Q1) of 2022, the consolidated net profits of Beltone rose to EGP 3.83 million, compared to EGP 3.80 million in the year-ago period, including minority shareholders' rights.
