Today, Thursday, the Egyptian Stock Exchange announced the implementation of the compulsory purchase offer submitted by the UAE company Chimera on the shares of Beltone Financial, for 259,121,821 shares, with a total value of 384,795,904 pounds.
The management of the Egyptian Stock Exchange said yesterday, that the total initial quantities offered were in response to the offer made by Chimera to buy Beltone Financial By the end of its effective period, Wednesday, it had reached 259,121,821 shares, or 56%.
Analysts attributed the decrease in the quantity offered for sale to the rise in the share price on the trading screens, compared to the purchase offer price submitted by the Emirati company, which amounted to 1.48 pounds.
While Chimera aimed to acquire Beltone shares up to 417.13 million shares at 90%, the company is committed to implementing the offer up to only 51% as a minimum, as specified in the purchase offer submitted to the Financial Supervisory Authority.
It is noteworthy that the board of directors of Orascom Financial recently agreed to respond to Chimera’s offer to acquire all or some of Beltone’s financial shares.
