This is the second acquisition offer Beltone received in June, as an investor alliance led by Egypt-based WM Consultancy submitted a non-binding offer to the FRA to purchase a majority stake in Belton Financial at a minimum of 51 percent and a maximum of 90 percent at a preliminary price of EGP 1.35 per share.

According to Chimera’s submission, the company intends to also acquire between 51 percent and 90 percent of Beltone’s shares on the Egyptian Exchange (EGX) according to the articles of Law No.95 for 1992 that governs the capital market in Egypt.

The offer estimates the initial price at EGP 1.4 per share, while the final price will be set according to the results of the venture study of the offer that is being conducted, according to Chimera.

Furthermore, the company said that it will submit all the required documents, including the purchase offer and the related legal documents, as well as fulfilling all required procedures once it claims all the approvals from the concerned bodies in Egypt and the UAE.

Established in 2006, Beltone is an investment company that focuses on investment banking and brokerage. It has been listed on the EGX since April 2008

In September 2021, the FRA approved raising Beltone’s issued and paid-up capital to EGP 926.9 million, up from EGP 891.3 million.

So far, the UAE has shown a significant appetite for acquisition deals in the Egyptian market in 2022. In April, The Abu Dhabi Developmental Holding Company (ADQ) — also known as the Abu Dhabi Wealth Fund — completed acquisition deals for five companies in Egypt, including private sector institutions and state-owned firms, with a total value of $1.8 billion, the EGX disclosed on Tuesday.

ADQ said that these deals reflect its continued confidence in Egypt’s strong economic potential, its robust domestic consumption, and productivity growth.

In May, The UAE’s government announced an investment fund worth $10 billion under the Partnership Industrial Initiative that encompasses Egypt, Jordan, and the UAE and aims to implement sustainable economic development among the three countries.