< Arab Finance - News - UAE’s Chimera Investments eyes majority stake in Beltone Financial
Count Down to relaunch



UAE’s Chimera Investments eyes majority stake in Beltone Financial

UAE’s Chimera Investments eyes majority stake in Beltone Financial

Arab Finance: Beltone Financial Holding (BTFH) has received a mandatory purchase offer (MTO) from the Abu Dhabi-based private investment firm Chimera Investments for a stake ranging between 51% and 90%, Orascom Financial Holding (OFH) announced in a statement on June 13th.

The Emirati company will submit all the necessary legal documents and will satisfy all the required regulations to obtain the relevant approvals in both Egypt and the UAE, OFH added.

Moreover, OFH revealed that the initial price of the offer is EGP 1.485 per share.

It is worth noting that OFH holds a 58.2% stake in Beltone Financial.

Accordingly, the board of directors of Beltone has assigned the Managing Director to approach the Financial Regulatory Authority (FRA) to request a temporary suspension of the due diligence process conducted by WM Consultancy, in order to review the submitted MTO by Chimera.

As a result, the FRA has decided to halt the due diligence process conducted by WM Consultancy for Beltone’s shares.

Beltone Financial previously received a non-binding offer from WM Consultancy for the acquisition of a majority stake of between 51% and 90% in the company at an indicative price of the offer has been estimated at EGP 1.35 per share.

Beltone is an Egypt-based company, which operates within the diversified financial sector focusing on investment banking and brokerage.

The company develops an online trading platform, called Beltone Trade, as well as provides brokerage services, asset management, investment banking, liquidity services in regional markets, and research and analysis services.

Recommended Stocks

13 Jun 2022
Delta Sugar SUGR
Close
14.11
Change
03.22
Hold

All rights reserved to Arab Finance 2020 ©

Back to top