EGYPT – Chimera Investment LLC, a private investment firm, has announced the acquisition of a majority stake in Beltone Financial Holding SAE, the Egypt-based financial services provider.

Chimera, a leading Abu Dhabi-based private investment firm managing a diversified portfolio of local and international investments, acquired the 55.9% stake at a price of EGP1.485 (US$0.078) 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.

“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,” Syed Basar Shueb, Chairman of Chimera Investment LLC, commented.

“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.”

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.

It is a listed company on EGX and is regulated by the Financial Regulatory Authority of Egypt.

Beltone has also announced the appointment of H.E. Dalia Khorshid as new CEO of Beltone. H.E. brings a wealth of experience in International Investment Banking and Corporate Finance to the company.

“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,” CEO of Beltone, H.E. Dalia Khorshid said.

“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.”

With the acquisition, Chimera becomes the majority shareholder of the EGX-listed financial holding.

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