UAE's Chimera acquires 56% of Egyptian Beltone shares by LE385M

CAIRO - 4 August 2022: The Egyptian Stock Exchange (EGX) announced Thursday the implementation of the compulsory purchase offer submitted by the UAE company Chimera Investment, to acquire a majority stake in the shares of Beltone Financial Holding Company.

 

The EGX said, in a statement, that Thursday's Session, Aug. 4, witnessed the implementation of the compulsory purchase offer submitted on Beltone shares for 259.12 million shares, with a total value of LE 384.79 million.

 

Before the implementation of the deal, Orascom Financial Holding owned 55.9 percent of Beltone Financial Holding Company.

 

The issued and paid-up capital of Beltone Financial Holding Company is about LE 926.96 million, distributed among the number of shares of 463.47 million shares, with a nominal value of LE 2 per share.

 

Orascom Financial Holding Company said on July 26 that it had issued sales orders for all of the shares owned by it in Beltone Financial Holding Company, which amount to 259.12 million shares, which represents 55.9 percent of the entire shares of Beltone Holding for trading.

 

This is in response to the compulsory purchase offer submitted by Chimera Investment Company or through any of its subsidiaries to acquire Beltone Financial Holding shares at a price of LE 1.48 per share.

 

The Financial Regulatory Authority (FRA) had agreed to publish the announcement of the purchase offer submitted by Chimp 1 investment SPV RSC LTD to acquire a controlling stake in Beltone Financial Holding Company.

 

The purchase offer includes acquiring a minimum percentage of 51 percent to 90 percent of Beltone Financial Holding's capital shares at a purchase price of LE 1.485 per share.

 

The purchase offer aims to acquire 417.13 million shares, representing 90 percent of Beltone's capital, and a minimum of 236.37 million shares, representing 51 percent of the company's capital.

 

The total value of the offer is about LE 619.4 million, according to the purchase offer submitted.

 

Beltone Financial Holding achieved profits of LE 3.835 million during the first quarter of 2022, compared to profits of LE 3.803 million in the comparable period from 2021, including  minority rights.