Cairo – Mubasher: Beltone Financial Holding, a 58.2% subsidiary of Orascom Financial Holding (OFH), has received a mandatory purchase offer from Chimera Investments, an Abu Dhabi-based private investment company, or one of its subsidiaries to acquire a 51-90% stake in Beltone.

The offer's initial value is set at EGP 1.48 per share, subject to the approval of shareholders and investment studies, according to a bourse filing on Monday.

Chimera will provide a purchase offer and legal documents to complete the transaction after receiving the relevant regulatory approvals in Egypt and the UAE.

It is noteworthy to mention that in 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.