UAE’s Chimera officially acquires 56% of Egypt’s Beltone

UAE-based investment company Chimera Investments is now the official majority shareholder of the Egyptian investment bank Beltone Financial.

The UAE firm has now a 56 percent stake in Beltone through its mandatory tender offer for up to 90 percent of the company, which expired on Wednesday, an Egyptian exchange statement said.

The Abu Dhabi-based investment company acquires the stake from Orascom Financial Holding (OFH), which agreed late July to sell all of its 259.1 million shares in the company.

Matouk Bassiouny & Hennawy were the legal counsels for Chimera.