Chimera Investment LLC acquires a controlling stake in Egypt-based Beltone Financial Holding
Chimera Investment LLC (“Chimera”), an Abu Dhabi-based private investment firm managing a diversified portfolio of local and international investments including ETFs, has announced the acquisition of a majority stake in Beltone Financial Holding SAE (“Beltone”).
Chimera acquired the 55.9 per cent 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 held by Beltone on 08 August 2022, the company has announced the appointment of H.E. Dalia Khorshid as new CEO of Beltone. Khorshid brings a wealth of experience in International Investment Banking and Corporate Finance to the company, the firm says.
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. Beltone is a listed company on EGX and is regulated by the Financial Regulatory Authority of Egypt.
Syed Basar Shueb, Chairman of Chimera Investment LLC, says: “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 H.E.’s appointment as CEO will help rebuild Beltone into a market leader in the regional financial services space in MENA and beyond.”
Commenting on her recent appointment as CEO of Beltone, H.E. Dalia Khorshid says: “I am honoured 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.”