The Financial Regulatory Authority (FRA) has approved a mandatory tender offer from UAE-based investment company Chimera Investments subsidiary Chimpe 1 for a majority stake in investment bank Beltone Financial Holding.

Chimpe 1 is seeking to acquire between 51-90% of Beltone, a subsidiary of Orascom Financial Holding (OFH).

The FRA said that this approval does not imply an approval on the deal itself and its related details in an official release.

The offer stands at 417.1 million shares in Beltone for $0.78 (EGP 1.485) per share, or up to total of $32.7 million (EGP 619.44 million), with the final price to be set after the completion of the venture study of the offer that is being conducted, according to Chimera.

The FRA received an official offer from Chimera back in June. Chimera’s offer came soon after Egypt-based WM Consultancy made their own offer which offered to buy the shares for $0.071 (EGP 1.35) a piece.

Chimera added that it will submit all the required documents, including the purchase offer and the related legal documents, as well as fulfilling all required procedures once it claims all the approvals from the concerned bodies in Egypt and the UAE.