{"id":547010,"date":"2022-06-06T04:08:48","date_gmt":"2022-06-06T04:08:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/is-beltone-in-play\/"},"modified":"2022-06-06T04:08:48","modified_gmt":"2022-06-06T04:08:48","slug":"is-beltone-in-play","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/is-beltone-in-play\/","title":{"rendered":"Is Beltone in play?"},"content":{"rendered":"

<\/a> An investor alliance led by WM Consultancy has submitted a non-binding offer to <\/strong>buy a majority stake in <\/strong>Beltone Financial<\/a><\/strong>, the two companies said in filings to the EGX (pdf<\/a> | pdf<\/a>) yesterday. The consortium of unidentified \u201cstrategic investors\u201d is bidding to acquire a minimum of 51% and a maximum of 90% at an initial price of EGP 1.35 per share, a near 30% premium to the company\u2019s closing share price on Thursday. This would value the company at around EGP 601.6 mn, according to our math.<\/p>\n

The final price is subject to change:<\/strong> The offer price will likely change following due diligence, the companies said.<\/p>\n

Beltone\u2019s shares rose on the news<\/strong>, gaining more than 11% on the EGX yesterday to close at EGP 1.17.<\/p>\n

A former manager makes a play for his old employer?<\/strong> WM Consultancy lists former Beltone head of asset management Wael Mahgary<\/strong> as its CEO. Mahgary currently runs Atuum<\/a>, an import \/ export business based in the Netherlands. We\u2019ve been so far unable to dig up much information on WM Consultancy or the identities of the investors backing the acquisition. Repeated calls to numbers associated with the company were unanswered and a number was later turned off.<\/p>\n

Who owns Beltone today?<\/strong> Orascom Financial Holding (OFH) currently owns 58% of Beltone, with the rest in freefloat, according to the company\u2019s website. OFH has been trimming its stake in Beltone over the past couple of years, having held 74.5%<\/a> of the company in 2020.<\/p>\n

The Financial Regulatory Authority (FRA) <\/strong>confirmed (pdf)<\/a><\/strong> that the investors have informed it of the offer.<\/strong> Following due diligence, a mandatory tender offer will be made within 60 days to Beltone shareholders, the FRA said.<\/p>\n

Beltone has some thinking to do:<\/strong> \u201cThe board of directors will meet to discuss the offer and study it from all financial and legal aspects,\u201d the company said.<\/p>\n

This comes on the back of another lossmaking year for Beltone:<\/strong> The company\u2019s net losses widened to EGP 169.8 mn in 2021, from EGP 132.4 mn the previous year, according to the firm\u2019sfinancial statement<\/a>. Revenues rose 27.1% y-o-y in 2021, recording EGP 351.7 mn.<\/p>\n

ADVISORS:<\/strong> Zaki Hashem & Partners is acting as legal advisor to the WM alliance, while Deloitte-Saleh, Barsoum and Abdel Aziz is \u064bWM\u2019s financial auditor.<\/p>\n

IN OTHER M&A NEWS- <\/strong><\/p>\n

B Investments moves forward with sale of Giza Systems stake to STC subsidiary: <\/strong>B Investments signed a final share purchase agreement to sell its 44.7% stake<\/a> in Giza Systems to Saudi Telecom\u2019s subsidiary Solutions by STC, the company said in a bourse disclosure (pdf)<\/a> yesterday. Solutions by STC plans to take an 89.5% stake<\/a> in Giza Systems, after the board of the Egyptian systems integrator accepted its bid in April.<\/p>\n","protected":false},"excerpt":{"rendered":"

An investor alliance led by WM Consultancy has submitted a non-binding offer to buy a majority stake in Beltone Financial, the two companies said in filings to the EGX (pdf | pdf) yesterday. The consortium of unidentified \u201cstrategic investors\u201d is bidding to acquire a minimum of 51% and a maximum of 90% at an initial […]<\/p>\n","protected":false},"author":1,"featured_media":547011,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[140,72,932,7128,553,1601,1999],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547010","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-b-investments","tag-enterpriseam","tag-giza-systems","tag-ma-watch","tag-orascom-financial-holding","tag-saudi-telecom-company","tag-wm-consultancy","wpautop","entry"],"acf":{"mongo_id":"58e5b389-f835-4be0-8bf6-a54cceba59ed","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/6\/150.jpg","photo_position":"above","related_issue":[547004],"teaser":"","voice_url":""},"yoast_head":"\nIs Beltone in play? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/is-beltone-in-play\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Beltone in play?\" \/>\n<meta property=\"og:description\" content=\"An investor alliance led by WM Consultancy has submitted a non-binding offer to buy a majority stake in Beltone Financial, the two companies said in filings to the EGX (pdf | pdf) yesterday. 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The investors, led by WM Consultancy, have offered to buy the shares\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":547200,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/bidding-war-over-beltone-afoot\/","url_meta":{"origin":547010,"position":1},"title":"Bidding war over Beltone afoot?","author":"enterpriseam admin","date":"13 June 2022","format":false,"excerpt":"UAE\u2019s Chimera puts in an offer for Beltone: Our friends at Abu-Dhabi based investment firm Chimera Investments have submitted a non-binding offer to acquire a controlling stake in Beltone Financial, according to a statement (pdf) by the Financial Regulatory Authority (FRA) and disclosures by Chimera (pdf) and Beltone (pdf).The breakdown:\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/249.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547456,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/chimera-makes-official-offer-for-beltone-financial\/","url_meta":{"origin":547010,"position":2},"title":"Chimera makes official offer for Beltone Financial","author":"enterpriseam admin","date":"22 June 2022","format":false,"excerpt":"The Financial Regulatory Authority (FRA) has received an official offer by Chimera Investments to acquire up to 90% of Beltone Financial, the regulator said in a disclosure to the EGX (pdf) yesterday. The Abu Dhabi-based investment firm has offered to purchase up to 417.1 mn shares in the financial services\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":547234,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/14\/bye-wm-wink-wink-chimera\/","url_meta":{"origin":547010,"position":3},"title":"Bye, WM. Wink wink, Chimera","author":"enterpriseam admin","date":"14 June 2022","format":false,"excerpt":"Beltone halts WM due diligence after Chimera enters the chat: Beltone Financial has suspended the WM Consultancy-led consortium from doing due diligence after receiving a rival offer from Chimera Investments on Sunday. The financial services company had given WM the go-ahead to start due diligence last week but has been\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/cheater-meme-1600x.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548344,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/chimera-is-getting-56-of-beltone-and-no-more\/","url_meta":{"origin":547010,"position":4},"title":"Chimera is getting 56% of Beltone, and no more","author":"enterpriseam admin","date":"4 August 2022","format":false,"excerpt":"It\u2019s official: Chimera is Beltone\u2019s new majority shareholder: Chimera Investments acquired a 56% stake in Beltone Financial through its mandatory tender offer for up to 90% of the company, which expired yesterday, the EGX said (pdf). The Abu Dhabi-based investment company will acquire the stake from Orascom Financial Holding (OFH),\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548135,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/27\/chimera-will-get-at-least-56-of-beltone-after-ofh-accepts-offer\/","url_meta":{"origin":547010,"position":5},"title":"Chimera will get at least 56% of Beltone after OFH accepts offer","author":"enterpriseam admin","date":"27 July 2022","format":false,"excerpt":"Orascom Financial sells Beltone stake to Chimera: Chimera Investments will acquire at least 56% of Beltone Financial after Orascom Financial Holding (OFH) decided on Monday to sell its entire stake in the financial services firm, according to a disclosure to the EGX (pdf) from OFH yesterday. The Abu Dhabi-based investment\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/284.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547010","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=547010"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547010\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547004"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/547011"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547010"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547010"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547010"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}