Abu Dhabi-based private investment company Chimera Investment has bought a 55.9% stake in the Egyptian financial services provider Beltone Financial.

For the deal, Chimera has paid EGP1.485 ($0.077) per Beltone share, giving the company a valuation of nearly $34.6m, according to Reuters.

The deal, which is part of Chimera’s policy in creating long-term value investments and bolster its regional footprint in the Middle East and North Africa (MENA), has allowed Chimera to own a majority stake in Beltone.

Following the deal, Beltone has named Dalia Khorshid as its new CEO.

Founded in 2006, Beltone provides brokerage, investment banking, asset management, equity research services in Egypt and the MENA region.

The company also offers various non-bank financial institution (NBFI) services such as leasing, consumer finance and venture capital solutions.

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By GlobalData

It is listed on Egyptian Exchange (EGX) and is controlled by Egypt’s Financial Regulatory Authority.

Chimera Investment chairman Syed Basar Shueb said: “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.”