A total of about 259.121 million shares in Beltone Financial subscribed on Wednesday to Abu Dhabi-based Chimera Investment's mandatory tender offer (MTO), making up to 55.9% of the Egyptian company's shares, which is the stake owned by Orascom Financial Holding, with a value of about EGP 385m. The shares were offered by Orascom Financial after its board of directors agreed last week to sell its stake to Chimera within the framework of the offer, despite the share price in the market being higher than the offer by about 18%. Orascom Holding owns about 259.12 million shares out of Beltone's total shares of about 463.48 million. On Wednesday, the 10-day tenure of the takeover offer expired, while the company's share closed at EGP 1.76 per share at the end of Wednesday's trading session, exceeding the purchase offer price of EGP 1.485 per share submitted by Chimera, a subsidiary of the UAE Chimera Capital. The purchase offer aims to acquire 417.13 million shares, representing 90% of Beltone's capital, and a minimum of 236.37 million shares, representing 51% of the company's capital. The total value of the offer is about EGP 619.4m, according to the bid submitted. The Egyptian Exchange (EGX) agreed, earlier, to implement the purchase offer of up to 417.13 million shares, or 90% of the shares of Beltone, with a minimum of 236,374 million shares, or 51%.
