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The UAE’s Chimera Investments submitted to the Monetary Regulatory Authority (FRA) a compulsory non-binding bid to purchase the shares of Beltone Monetary Holding.
The provide consists of buying a minimum of 51% to 90% of Beltone’s shares at EGP 1.485 per share.
The corporate determined to submit the ultimate provide as quickly because the related inner and administrative approvals have been obtained from the involved authorities in Egypt and the UAE.
Matouk Bassiouni and Hennawy’s workplace can be assuming the position of authorized adviser to Chimera.
Sources instructed Each day Information Egypt that the corporate might begin the due diligence course of as quickly because it obtains the approval of the FRA.
In addition they identified that Beltone is within the strategy of appointing an impartial monetary adviser to find out the honest worth of the corporate’s shares.
A consortium of “strategic buyers” provided final week to accumulate a controlling stake in Beltone Monetary Holding.
The consortium made the provide by means of WM — a Cairo-based consultancy — to purchase a minimum of 51% and no more than 90% of Beltone’s shares underneath a obligatory buy provide at an preliminary value of EGP 1.35 per share.
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