The Clap
Orascom Financial have decided to sell their 55.91% stake in Beltone following the Chimera acquisition.
The Deets
Through the sale of their stake, Orascom will receive around EGP 384.795 million for 259.121 million shares.
One of the conditions that this acquisition takes place is that Chimera acquire at least 51% of Beltone. Selling their stake indicates that this deal is almost complete. Beltone’s shares fell 1.8% to EGP 1.67 following the news.
Background
Chimera had made an offer to acquire Beltone Financial Holding for EGP 1.485 per share, with a minimum stake of 51% and a maximum of 90%.
Why the sale?
Beltone has racked up losses of EGP 577 million. They had recorded losses from 2017 till 2021. Only in Q1 of 2022 did they start recording profit.
Orascom Financial exits Beltone! 👀
