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FRA receives offer for majority stake in Beltone Financial

FRA receives offer for majority stake in Beltone Financial

Arab Finance: The Financial Regulatory Authority (FRA) has announced that it received the mandatory purchase offer (MTO) from Chimp 1 Investment for a stake ranging between 51% and 90% in Beltone Financial Holding (BTFH), according to a filing to the Egyptian Exchange (EGX) on Tuesday.

Chimp 1 is a special purpose vehicle (SPV) of the Abu Dhabi-based private investment firm Chimera Investments which was announced earlier to be the investor behind the offer.

The initial price of the offer is set at EGP 1.485 per share.

It is worth noting that consolidated profit after tax rose slightly to EGP 3.835 million in the first quarter (Q1) of 2022 from EGP 3.804 million in the same period a year earlier.

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.

 

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