To deal with "chimera"Egyptian billionaire lists his shares for sale in… "Beltone" With 619 million pounds

The Egyptian Stock Exchange reported that the total initial forced purchase of Beltone Financial Holding Company shares at the end of its term today was 259,121,821 shares.

The total value of the offer is about £619.4 million, according to the submitted offer to purchase a maximum of 90% of Beltone’s shares.

The Board of Directors of Orascom Financial Holding, owned by businessman Nagib Sawiris, has unanimously agreed to respond to a binding bid from Shimera Investment or through any of its subsidiaries to purchase shares in Beltone Financial Holding at a price. amounts to LE 1.485 per share through the sale of all or part of the shares held by Orascom Financial Holding Company in Beltone Financial Holding Company for the value of 259,121.683.

The Egyptian Stock Exchange has deposited a mandatory purchase offer submitted by Chimpy 1 Investment SPV Riester Ltd. to purchase up to 417,130,874 shares, representing 90% of the share capital of Beltone Financial Holding, with a minimum of 236,374,162 shares for 51% of the company’s share capital.

The Stock Exchange has indicated that the offer price per share is estimated at LE 1.485, with the offer period beginning on Thursday, July 21, 2022 and 10 business days until the end of the trading session on August 3.

Execution will take place on the Egyptian Stock Exchange within 5 working days after the offer expires.

Source: Egyptian site “Cairo 24”.