Chimera Investments, the Abu-Dhabi based private investment firm, announces acquisition of a 56% stake in Egypt’s investment bank Beltone Financial.
After Orascom Financial Holding (OFH) decided to sell its entire stake in Beltone Financial, Chimera has announced interest in acquiring 90% of the Egyptian investment bank and willingness to purchase up to 417.1 milllion shares at a value of EGP 1.485 a piece.
However, this mandatory tender offer (MTO) has expired, resulting in Chimera Investments acquiring a stake of only 56% of Beltone Financial, with the rest being publicly traded on the EGX.
It is worth mentioning that after this deal, Beltone Financial’s shares on the EGX fell by 1.8% while Orascom Financial Holding gained 1.6%.
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