Chimera Investment LLC acquires a controlling stake in Egypt-based Beltone Financial Holding 10-08-2022 11:00:13 | By: Pascaline Isizere | Hits: 18 | tag:
Chimera Investments LLC (“Chimera”), a leading Abu Dhabi-based private investment firm that manages a diversified portfolio of local and international investments, announced the acquisition of a majority stake in Beltone Financial Holding SAE (“Beltone”) . Chimera acquired a 55.9% stake in the Egypt-based financial services provider at a price of EGP 1.485 per Beltone share. The deal is in line with Chimera’s broader strategy towards long-term value creation investments and further expands its presence in regional economies.
Following the board meeting organized by Beltone on 08 August 2022, the company has announced the appointment of HE Dalia Khorshid as the new CEO of Beltone. He brings a wealth of experience in International Investment Banking and Corporate Finance to the company.
Founded in 2006, Beltone is a financial services provider in Egypt and the MENA region offering a wide range of brokerage, investment banking, asset management, equity research services and NBFI services including leasing, consumer finance and venture capital platforms. Beltone is a listed company on EGX and is regulated by the Financial Regulatory Authority of Egypt.
Syed Baser Shuaib, President of Chimera Investments LLC, commented: “The conclusion of the Beltone acquisition is directly in line with our long-term expansion strategy. We are looking forward to, in the coming period, an all-encompassing transformation aimed at unlocking value and restoring growth and profitability to Beltone. We are confident that His Excellency’s appointment as CEO will help re-establish Beltone as a market leader in the regional financial services sector in MENA and beyond.
Commenting on her recent appointment as CEO of Beltone, Her Excellency Dalia Khorshid said: “I am honored to have this opportunity to lead Beltone’s strategic transformation plan. I am confident that we will help this institution achieve this. Will restructure and grow to become a major market leader in the region and a solid platform to attract international investment in our host markets.Our goal is to ensure a successful and sustainable future for our customers, our people and our shareholders. The aim is to implement a high-performance culture with a focus on value creation.”