Yasmine Mounir and Radwa Ibrahim – Hapi Journal learned that the board of directors of Orascom Financial Holding decided in its meeting today to respond to the purchase offer submitted by Shimpi 1 Investment BV, a subsidiary of the Emirates Investment Company Shimira, and to sell its entire 56% stake in Beltone Financial Holding Company.
Informed sources told Habi newspaper that the management of Orascom Financial intends to announce soon the company’s investment plan, including a plan to employ the proceeds of the total exit from Beltone Financial Holding Company.
The purchase offer submitted by the Emirati company aims to acquire a minimum of 51% to 90% of Beltone shares of the company’s capital, at a price of 1.485 pounds per share.
The takeover offer will be effective from last Thursday’s trading session until the end of trading on August 3, provided that implementation will take place if the offer is responded to within 5 working days following the end of this period.
Informed sources revealed to Habi newspaper in its weekly issue issued on Sunday that Orascom Financial Holding – the main shareholder in Beltone – believes that the offer made by the Emirati company is good for the company and the market in general, and is being studied seriously.
The sources added that it is scheduled to resolve the extent of response to the offer, whether the total exit from Beltone or the partial exit while retaining a minority stake, during the Board of Directors meeting scheduled to be held today, Monday.
Orascom Financial Holding reduced its stake in Beltone by 18.5% through multiple deals in the market that began in the middle of last year, to currently reach 55.9%, down from a share of 74.5% that it acquired from Orascom Investment Holding, according to the horizontal division process that took place in February 2021.
On the other hand, the market price of Beltone Financial Holding Company’s share rose by the end of Monday’s trading session, to close at EGP 1.7, compared to EGP 1.599 at the opening price, achieving an increase of 6.32%, which is more than the purchase offer price, by EGP 0.215, equivalent to 14.5%.
It is noteworthy that Chimera’s offer price is 13.5 piasters per share more than the initial price announced by the WM consortium to acquire Beltone, which was disclosed early last month, of 1.35 pounds per share.
Other than the price difference, Chimera’s offer did not include the requirement to conduct a technical examination due to the due diligence of Beltone, in contrast to the WM letter, which linked the submission of a final offer to the results of the examination, among other conditions.
short link
