The Abu Dhabi investment firm is acquiring 55.9% of the Egyptian company at 1.485 Egyptian pounds per share, valuing the company at $34.6 million.
Beltone announced on Tuesday that Dalia Khorshid, Egypt’s former investment minister, would be its new chief executive. – File photo
Published: Tuesday, August 9, 2022, 5:28 p.m
Last update: Tuesday, August 9, 2022, 5:29 p.m
Abu Dhabi investment firm Chimera Investment LLC said on Tuesday it has acquired a controlling stake in Egypt’s Beltone Financial Holding, part of a strategy to expand in the Middle East and North region of Africa
Chimera bought 55.9 percent of Beltone at 1.485 Egyptian pounds per share, valuing the company at 661.8 million pounds ($34.6 million), according to Reuters calculations.
Beltone announced on Tuesday that Dalia Khorshid, Egypt’s former investment minister, would be its new chief executive.
Founded in 2006, Beltone is a financial services company that provides brokerage, investment banking, asset management, equity research and non-banking financial services in Egypt and the Middle East and North Africa.
Chimera was established in 2007 and is part of the Royal Group of Abu Dhabi, owned by Sheikh Tahnoun bin Zayed Al Nahyan, who is the National Security Advisor of the United Arab Emirates.
“In the coming period, we will seek to unlock value and implement a comprehensive transformation plan, aimed at restoring Beltone’s growth and profitability,” Syed Basar Shueb, Chimera’s chairman, said in a statement.
Beltone has posted net losses every year since 2018. In the first quarter of this year, it posted a net profit of 3.8 million Egyptian pounds.
“I am confident that we will restructure and grow this institution to become a major market leader in the region and a strong platform to attract international investment to our host markets,” Khorshid said in the same statement. — Reuters