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Chimera Investments’ Beltone completes second mega capital increase: Abu Dhabi-based investment firm Chimera Investments’ Egyptian financial services firm Beltone Holding has completed its second massive EGP 10.8 bn (AED 775.4 mn capital increase, bringing its total paid-in capital to EGP 21.4 bn (AED 1.5 bn), according to a disclosure (pdf) to the EGX. The capital raise was 98% covered in two subscription rounds, raising EGP 10.5 bn.
Notably: The majority of the capital increase was covered by foreign investors, Beltone said in a statement (pdf)
Use of proceeds: Beltone will use the fresh capital to fuel expansion across its platforms, with a focus on entering high-growth markets, ramping up digitally scalable capabilities, broadening its product suite, and attracting top-tier talent to sustain operational excellence and innovation, the company said. FAB Misr was the receiving bank for the transaction.
What they said: “This second capital increase marks a defining milestone in Beltone’s growth journey, reflecting the trust we’ve earned from our shareholders and the market’s recognition of our strong and impactful growth,” Group CEO Dalia Khorshid said in a statement. “Guided by a data-driven strategy, and powered by an exceptional team, we are accelerating growth across our platforms, with a strong focus on strategic expansion, AI, and digital transformation.”
BACKGROUND- This is Beltone’s second massive capital increase in two years, after the company completed a mega EGP 10 bn capital increase on the EGX in 2023, which met with major demand from global and regional institutional investors. This came shortly after Abu Dhabi-based investment company Chimera Investments took a 56% stake in 2022 and recruited an all-new team of senior execs, including Dalia Khorshid as CEO, to turn the company around post-acquisition.
A new lease on life: Khorshid and her team have turned Beltone around, delivering nearly 5x bottom line growth in 2024 to EGP 1.7 bn while growing revenues 4x after a sustained turnaround driven by a deeper push into non-bank financial services and a refocusing of the investment bank.
