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UAE’s Chimera acquires majority stake in Beltone for EGP 385m

UAE’s Chimera acquires majority stake in Beltone for EGP 385m
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Beltone Financial
BTFH
1.09% 3.71 0.04
Orascom Financial Holding
OFH
-0.51% 0.20 -0.00

Cairo – Mubasher: UAE-based Chimera Investments has acquired a 56% equity in Beltone Financial Holding, a subsidiary of Orascom Financial Holding (OFH).

Chimera has purchased 259.12 million shares in Beltone at a total value of EGP 384.79 million, according to a bourse disclosure on Thursday.

Last July, the board of Orascom Financial Holding greenlighted the mandatory offer submitted by Chimera, or one of its subsidiaries, to buy OFH’s stake in Beltone at an average price of EGP 1.48 per share.

In the first quarter (Q1) of 2022, Beltone’s consolidated net profits inched up to EGP 3.83 million, compared to EGP 3.80 million in Q1-21, including minority shareholders' rights.