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Abu Dhabi's Chimera Investment buys controlling stake in Egypt's Beltone Financial

August 10, 2022
finance & economy

Company has named Dalia Khorshid as new CEO of Beltone

Abu Dhabi-based private investment firm Chimera Investment has completed the acquisition of a controlling stake in an Egypt-based financial services provider as part of its expansion into regional markets.

Chimera acquired the 55.9% stake in Beltone Financial Holding SAE at a price of EGP 1.485 ($.078) per Beltone share.

The company also named Dalia Khorshid as new CEO of Beltone, it said in a statement on Tuesday.

Syed Basar Shueb, Chairman of Chimera Investment, said the Beltone acquisition is directly in line with their long-term expansion strategy.

'We will, over the coming period, look to unlock value and implement an all-encompassing transformation plan, aimed at restoring growth and profitability to Beltone.'

Set up in 2007, Chimera is part of Abu Dhabi’s Royal Group, which is active in a number of sectors, including property, construction, food and beverages, hospitality, aviation and healthcare.