Abu Dhabi-based private investment firm Chimera Investment has completed the acquisition of a controlling stake in an Egypt-based financial services provider as part of its expansion into regional markets.
Chimera acquired the 55.9% stake in Beltone Financial Holding SAE at a price of EGP 1.485 ($.078) per Beltone share.
The company also named Dalia Khorshid as new CEO of Beltone, it said in a statement on Tuesday.
Syed Basar Shueb, Chairman of Chimera Investment, said the Beltone acquisition is directly in line with their long-term expansion strategy.
"We will, over the coming period, look to unlock value and implement an all-encompassing transformation plan, aimed at restoring growth and profitability to Beltone."
Set up in 2007, Chimera is part of Abu Dhabi’s Royal Group, which is active in a number of sectors, including property, construction, food and beverages, hospitality, aviation and healthcare.
(Writing by Brinda Darasha; editing by Cleofe Maceda)