Competition ignites for Beltone .. Emirati company offers to acquire at a price above “WM”

The Egyptian Financial Supervisory Authority received a letter from the Emirati Shemera Investment Company; Announce an intention to make a mandatory, non-binding offer to purchase the Beltone Financial Holding Company shares.

The authority stated, in a statement to the Stock Exchange today, Sunday, that the offer includes the acquisition of no less than 51% to 90% of the Beltone shares at a price of £ 1,485 per share.

The initial offer price announced by Chimera is 13.5 plates per share, higher than the initial price announced by the WM consortium to acquire Beltone, which is 1.35 plates per share, announced last week.

According to the statement, it was decided to submit the final bid as soon as the relevant internal and administrative approvals were obtained from the authorities concerned in Egypt and the United Arab Emirates.

According to the letter from the company submitting the offer, the office of Maatouk Bassiouni and Hennawy Legal Consultations will take on the role of delivering tale reporting to financial supervision and the Egyptian stock exchange.

In December 2021, businessman Ing. Naguib Sawiris, CEO and President of Ora Developers, announced an investment agreement with Chimera Abu Dhabi, through the contribution of one of its subsidiaries, to increase the capital of Gemini Global Development Egypt in exchange for the acquisition of a large minority shareholding in it…

The capital increase was aimed at developing the real estate assets set up in be from Gemini Global Development Egypt and the expansion of the perimeter through Ora Developers.

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