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Thursday, 4 August 2022

Chimera is getting 56% of Beltone, and no more

It’s official: Chimera is Beltone’s new majority shareholder: Chimera Investments acquired a 56% stake in Beltone Financial through its mandatory tender offer for up to 90% of the company, which expired yesterday, the EGX said (pdf). The Abu Dhabi-based investment company will acquire the stake from Orascom Financial Holding (OFH), which last week agreed to sell all of its 259.1 mn shares in the company.

No more takers: Other shareholders failed to respond to the offer by the deadline yesterday, with Chimera adding less than 150 shares to the stake acquired from OFH. Only three individual minority shareholders — each with stakes of less than 1k shares each — responded to the offer, Al Mal reports, citing unnamed sources. The remaining shares not held by OFH are publicly traded on the EGX.

Not tempting enough? Chimera offered to pay EGP 1.485 per Beltone share, valuing the firm at some EGP 690 mn. Beltone shares closed up 3% at EGP 1.76 yesterday

Advisors: Matouk Bassiouny & Hennawy were counsel to Chimera.

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