Bringing you live news and features since 2006 

Chimera Investment LLC acquires a controlling stake in Egypt-based Beltone Financial Holding

RELATED TOPICS​

Chimera Investment LLC (“Chimera”), an Abu Dhabi-based private investment firm managing a diversified portfolio of local and international investments including ETFs, has announced the acquisition of a majority stake in Beltone Financial Holding SAE (“Beltone”).

Chimera acquired the 55.9 per cent stake in the Egypt-based financial services provider at a price of EGP 1.485 per Beltone share. The deal is in-line with Chimera’s broader strategy towards long-term value creation investments and further expands its presence in regional economies.

 

Following the board meeting held by Beltone on 08 August 2022, the company has announced the appointment of H.E. Dalia Khorshid as new CEO of Beltone. Khorshid brings a wealth of experience in International Investment Banking and Corporate Finance to the company, the firm says.

 

Established in 2006, Beltone is a financial services provider in Egypt and the MENA region offering brokerage, investment banking, asset management, equity research services and a wide range of NBFI services that include leasing, consumer  finance and venture capital platforms. Beltone is a listed company on EGX and is regulated by the Financial Regulatory Authority of Egypt.

 

Syed Basar Shueb, Chairman of Chimera Investment LLC, says: “The conclusion of the Beltone acquisition is directly in line with our 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. We are confident that H.E.’s appointment as CEO will help rebuild Beltone into a market leader in the regional financial services space in MENA and beyond.”

 

Commenting on her recent appointment as CEO of Beltone, H.E. Dalia Khorshid says:  “I am honoured by this opportunity to lead Beltone’s strategic transformation plan. I am confident that we will restructure and grow this institution to become a major market leader in the region and a solid platform for attracting international investments into our host markets. Our target is to implement a high-performance culture focusing on value creation to our clients, our people and our shareholders to ensure a successful and sustainable future.”

 

 

 

Latest News

Some big forces moved further into ETF issuance this week, with Capital Group launching 12 new active/passive model portfolios, and..
ASYMmetric ETFs has announced the launch of two new funds, ASYMmetric Smart Income ETF (NYSE: MORE) and ASYMmetric Smart Alpha..
First Trust Advisors has announced the launch of a new actively managed ETF, the First Trust Multi-Strategy Alternative ETF (NYSE..
Allianz Investment Management LLC (AllianzIM), a wholly-owned subsidiary of Allianz Life Insurance Company of North America has announced the launch..

Related Articles

ETF
We are very pleased to open the voting for service providers (selected by nominations) and ETP issuers, selected by our data partners, Trackinsight, for the European ETF Express Awards, in...
Bitcoin
Osprey Funds’ founder and CEO, Greg King, has written an open letter to Barry Silbert, majority owner of Digital Currency Group which owns Grayscale, suggesting that he uses his powers...
Captain
Comparing multifactor ETFs to the popular Marvel Avengers series may seem a bit of a stretch but recent analysis from Morningstar suggests the investment strategies have more in common with...
Mackenzie
Canadian asset manager Mackenzie Investments, with CAD186.6 billion under management, has published its annual Mackenzie Investments Year-End ETF Report. ...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by