UAE’s Chimera offers to acquire Egypt’s Beltone Financial

UAE-based investment company Chimera Investments has submitted a non-binding offer to the Egyptian Financial Regulatory Authority (FRA) to acquire a controlling stake in Egypt’s Beltone Financial Holding, according to a joint statement released on Monday.

This is the second acquisition offer Beltone received this month. An investor alliance led by Egypt-based WM Consultancy has earlier submitted a non-binding offer to the FRA to buy a majority stake in Belton Financial at a minimum of 51 percent and a maximum of 90 percent at a preliminary price of 1.35 Egyptian pounds ($0.072) per share.

According to Chimera’s offer, the company plans to acquire between 51 percent and 90 percent of Beltone’s shares on the Egyptian Exchange (EGX) as pursuant to articles of Law No.95 for 1992 that governs the capital market in Egypt.

The offer has estimated the initial price at 1.4 pounds per share, while the final price will be set according to the results of the venture study of the offer that is being conducted, Chimera explained.

Chimera also said that it will submit all the required documents, including the purchase offer and the related legal documents, as well as fulfilling all required procedures once it claims all the approvals from the concerned entities in Egypt and the UAE.