Chimera acquired the stake by purchasing 30.5 million shares for EGP 590.6 million, according to a statement to the EGX by Beltone
A statement from GB Capital’s parent company, Ghabbour Auto, explained that the transaction is still pending GB Auto’s board approval
Chimera offered to purchase Beltone’s shares at EGP 1.485 a piece, valuing the company at EGP 690 million
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%
Chimpe 1 is seeking to acquire between 51-90% of Beltone, a subsidiary of Orascom Financial Holding (OFH)
