Abu Dhabi’s Chimera acquires majority stake in Egypt’s Beltone Financial

DUBAI, Aug 9 (Reuters) – Abu Dhabi investment firm Chimera Investment LLC said on Tuesday it had acquired a controlling stake in Egypt’s Beltone Financial Holdings (BTFH.CA)part of an expansion strategy in the MENA region.

Chimera bought a 55.9 percent stake in Beltone for 1.485 Egyptian pounds per share, valuing the company at 661.8 million pounds ($34.6 million), according to Reuters calculations.

Beltone announced on Tuesday that Dalia Khorshid, Egypt’s former investment minister, will be its new chief executive.

Founded in 2016, Beltone is a financial services company providing brokerage, investment banking, asset management, equity research and non-banking financial services in Egypt, the Middle East and North Africa.

Chimera was established in 2007 and is part of the Abu Dhabi Royal Group, which is led by Sheikh Tahnoun bin Zayed, the UAE National Security Adviser and half-brother of the country’s President Mohamed bin Zayed. Owned by Sheikh Tahnoun bin Zayed Al Nahyan.

“Over the coming period, we will seek to unlock value and implement an all-encompassing transformation plan aimed at restoring Beltone’s growth and profitability,” Chimera chairman Syed Basar Shueb said in a statement.

Beltone has posted a net loss every year since 2018. In the first quarter of this year, it reported a net profit of 3.8 million Egyptian pounds.

“I am confident that we will restructure and grow this institution to become a key market leader in the region and a solid platform to attract international investment into our markets,” Holsheed said in the same statement.

(1 USD = 19.1200 Egyptian pounds)

Reporting by Youssef Saba; Editing by Emelia Sithole-Matarise

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