Cairo – Mubasher: The board of Orascom Financial Holding (OFH) has approved the mandatory purchase offer submitted by UAE’s Chimera Investments, or one of its subsidiaries, to acquire OFH’s stake in Beltone Financial Holding for EGP 1.48 per share.

The approval includes selling all or part of OFH’s shares in Beltone, amounting to 259.12 million shares, according to a statement to the Egyptian Exchange (EGX).

OFH’s board of directors has authorised Nils Bachtler, the company’s managing director, to sign the required documents to finalise the selling process on behalf of the company, determine the number of sold shares, in addition to signing selling orders.

Last month, Beltone, a 58.2% subsidiary of OFH, received a mandatory purchase offer from Chimera to acquire a 51-90% stake in Beltone. The offer's initial value was set at EGP 1.48 per share.