Beltone incurs EGP 105m in losses in 1H 2022

Fatma Salah
1 Min Read

Beltone Financial Holding suffered a loss of EGP 105.6m in the first half (1H) of this year, compared to 1H 2021’s net profit of EGP 8.5m.

The company’s total revenues also decreased to EGP 110.39m, down from EGP 193.82m.

Furthermore, Chimera Capital acquired 259.121 million shares of Beltone Financial, representing 55.9% of the company’s shares, which were owned by Orascom Financial Holding’s shareholders at a value of about EGP 385m.

The shares were offered by Orascom Financial after its Board of Directors agreed to sell its stake to Chimera despite the share price in the market being higher than the offer by about 18%.

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