The Egyptian Exchange will open the screens of the Special Operations Market (OPR) as of Thursday, 21 July, for the shares that respond to the purchase offer submitted by Chimera Capital for Beltone Financial Holding.

The Abu Dhabi-based company aims to acquire up to 417,130 million shares, or 90% of Beltone, with a minimum number of 236,374 million shares, or 51%, at EGP 1.485 per share.

The validity period of the offer extends for 10 working days, starting from 21 July trading session until the end of the 3 August trading session, provided that implementation will take place on the Egyptian Exchange within five working days after the offer period expires.

The Financial Regulatory Authority approved the purchase offer submitted by Chimera Capital, owned by Chimera Investment, for Beltone Financial.

The offer includes acquiring no less than 51% to 90% of Beltone shares at EGP 1.485 per share.

The company decided to submit the final offer as soon as the relevant internal and administrative approvals were obtained from the concerned authorities in Egypt and the UAE, and Matouk Bassiouny & Hennawy acts as the legal advisor to Chimera.

An investor alliance, led by Egypt-based WM Consultancy, offered last week to acquire a controlling stake in the investment bank Beltone Financial. The consortium offered to purchase no less than 51% and not more than 90% of Beltone’s shares under a compulsory purchase offer at an initial price of EGP 1.35 per share.

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