As the news came out, OFC’s shares climbed by 2.7% in the beginning of today’s trading, with Beltone Financial seeing a drop of 6.59%
Orascom Financial Holding (OFH) announced that that its board of directors have approved to sell its 56% stake in Beltone Financial Holding to UAE’s Chimera Investments at EGP 1.485 per share, valuing the company at EGP 690 million.
With this deal, Chimera will acquire all or a portion of Orascom Financial Holding’s shares in Beltone, explained OFC’s disclosure to the Egyptian Exchange today. Beltone is a subsidiary of OFC, owned by Egyptian millionaire Naguib Sawiris.
OFC’s shares in Beltone Financial are valued at around 256.12 million shares out of Beltone's total shares of about 463.48 million shares.
As the news came out, OFC’s shares climbed by 2.7% in the beginning of today’s trading, with Beltone Financial seeing a drop of 6.59%.
This is not Chimera’s first deal with a Sawiris family-owned business; the UAE-based Chimera acquired 25% of Sawiris’ Gemini Global Development Egypt in December 2021 via a $100 million capital increase.
The Financial Regulatory Authority (FRA) announced its approval of Chimera Investment’s offer last week to acquire between 51-90% of Beltone Financial’s shares on the Egyptian Exchange.
Chimera Capital is owned by Chimera Investments LLC, which is part of Royal Group, an Abu Dhabi investment firm chaired by the UAE’s National Security Adviser Sheikh Tahnoun bin Zayed Al Nahyan.