Cairo - The board of directors of Beltone Financial Holding approved obtaining a loan from UAE’s Chimera Investments, or one of its subsidiaries, at a value of EGP 1.34 billion.

The interest-free loan carries a maturity period of 12 months, according to a stock exchange statement on Tuesday.

In August 2022, UAE-based Chimera Investments acquired 56% equity in Beltone, a subsidiary of Orascom Financial Holding (OFH). Chimera purchased 259.12 million shares in Beltone at a total value of EGP 384.79 million.

During the first half (H1) of 2022, Beltone shifted to net losses after taxes of EGP 105.58 million, against net profits of EGP 8.54 million in H1-21.

The company’s total revenues dropped to EGP 110.39 million during H1-22, compared to EGP 193.82 million in H1-21.

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