Sawiris sells his share in Beltone to Emirati Chimera Investments ...Egypt

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Sawiris sells his share in Beltone to Emirati Chimera Investments
The board of directors of Orascom Financial Holding, whose main shareholder is Egyptian business tycoon Naguib Sawiris, has agreed to sell its 259.1 million shares in Beltone Financial Holding Company to the Emirati Chimera Investments a price of LE1.485 ($0.0527) per share, with a total transaction value of LE384.8 million ($20.3 million). Analysts believe that the reason for Sawiris’ acceptance of the UAE offer is Beltone’s accumulated losses over the past years, and his lack of interest at the present time in the non-banking financial services sector. Beltone Financial Holding received two acquisition offers during June; The first is from WM Consulting, in alliance with strategic investor

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