OFH Greenlights Sale of Beltone Shares in Acquisition Deal by Chimera

27/07/2022

Orascom Financial Holding (OFH) greenlit the sale of its shares in Beltone Financial amid the latter's acquisition by Abu Dhabi-based Chimera Investments, a bourse disclosure by OFH showed yesterday.

OFH will sell its total stake of 259.12 million shares, or 56 percent, in Beltone, for EGP 384.8 million ($20.29 million), or EGP 1.485 ($0.08) per share.

Earlier this month, Chimera received approval from the Financial Regulatory Authority (FRA) on its offer to acquire between 51 and 90 percent of Beltone for a total of up to EGP 619.44 million ($32.76 million).

Chimera has until August 3 to submit purchasing orders on Beltone's shares to proceed with its acquisition.