The UAE’s Chimera Investments submitted to the Financial Regulatory Authority (FRA) a mandatory non-binding bid to buy the shares of Beltone Financial Holding.

The offer includes acquiring no less than 51% to 90% of Beltone’s 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.

Matouk Bassiouni and Hennawy’s office will be assuming the role of legal adviser to Chimera.

Sources told Daily News Egypt that the company could start the due diligence process as soon as it obtains the approval of the FRA.

They also pointed out that Beltone is in the process of appointing an independent financial adviser to determine the fair value of the company’s shares.

A consortium of “strategic investors” offered last week to acquire a controlling stake in Beltone Financial Holding.

The consortium made the offer through WM — a Cairo-based consultancy — to buy 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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