UAE’s Chimera Investment acquires controlling stake in Egypt-based Beltone

By Shilpa Annie Joseph, Desk Reporter
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Abu Dhabi
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UAE’s leading private investment firm Chimera Investment has acquired a majority stake in Egypt-based investment banking firm, Beltone Financial Holding (Beltone) as part of its expansion plans.

The deal is in line with Chimera’s broader strategy toward long-term value creation investments and to grow its regional presence and expand its Middle East and North Africa (MENA) footprint.

According to the company statement, “Chimera acquired the 55.9 percent stake in Beltone Financial Holding at a price of $.078 (EGP 1.485) per Beltone share.”

Established in 2006, Beltone is a financial services provider in Egypt and the MENA region offering brokerage, investment banking, asset management, equity research services, and a wide range of NBFI services that include leasing, consumer finance, and venture capital platforms.

Syed Basar Shueb
Syed Basar Shueb
Chimera Investment

“The conclusion of the Beltone acquisition is directly in line with our long-term expansion strategy. We will, over the coming period, look to unlock value and implement an all-encompassing transformation plan, aimed at restoring growth and profitability to Beltone. We are confident that HE’s appointment as CEO will help rebuild Beltone into a market leader in the regional financial services space in MENA and beyond.”

Following the board meeting, the company has announced the appointment of HE Dalia Khorshid as the new CEO of Beltone.

Commenting on her recent appointment Ms. Khorshid said that, “I am honored by this opportunity to lead Beltone’s strategic transformation plan. I am confident that we will restructure and grow this institution to become a major market leader in the region and a solid platform for attracting international investments into our host markets.”

“Our target is to implement a high-performance culture focusing on value creation to our clients, our people, and our shareholders to ensure a successful and sustainable future,” Ms. Khorshid further added.

Related: Saudi PIF establishes new Egyptian investment company “SEIC”