Abu Dhabi-based private investment firm Chimera Capital has acquired a majority stake in Beltone, an Egyptian financial services provider.
The deal, which amounts to EGP 384.8 million ($20.1 million), means Chimera now owns a 55.9 percent stake in Beltone, which it plans to “rebuild into a market leader.”
Listed on the Egyptian bourse, Beltone offers brokerage, investment banking, asset management, and equity research services.
The acquisition is part of Chimera’s long-term plan to expand its presence in the Middle East and North Africa region, it said in a statement.
“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,” the Abu Dhabi fund’s chairman of investments, Syed Basar Shueb, said.
Chimera earlier submitted its intent to acquire Beltone to Egypt’s Financial Regulatory Authority. The sold shares were from Orascom Financial, which has ties to Egyptian billionaire Onsi Sawiris.
Last year, Chimera announced a $100 million investment in Egyptian developer Gemini Global Development, a subsidiary of Naguib Sawiris-owned Ora Developers.
