OFH Greenlights Sale of Beltone Shares in Acquisition Deal by Chimera


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.