Cairo – Orascom Financial Holding (OFH) said on Tuesday it approved the mandatory purchase offer submitted by UAE’s Chimera Investments, or one of its subsidiaries, to acquire the first’s stake in Beltone Financial Holding for EGP 1.48 per share.

The approval includes selling all or part of OFH’s shares in Beltone, amounting to 259.121 million shares, according to a statement to the Egyptian Exchange (EGX).

OFH’s board of directors, has authorised Mr. Nils Bachtler, the company’s managing director, to sign the required documents to finalise the selling process on behalf of the company, determine the number of shares sold, in addition to signing selling orders.

Last month, Beltone, a 58.2% subsidiary of OFH, received a mandatory purchase offer from Chimera Investments to acquire a 51-90% stake in Beltone.

The offer's initial value was set at EGP 1.48 per share, subject to the approval of shareholders and investment studies.

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