Oil & Gas
B Investments announces sale of 20% of its Total Egypt stake for EGP 146 mn
B Investments announces the Exit of 20% of its stake in Total Egypt for Total Proceeds of EGP 146 million
B Investments Holding announced that it has entered into an agreement to sell 20% of its stake in Total Egypt to Total Outre-Mer for a total consideration of approximately EGP 146 million, in accordance with the exit terms pre-agreed with Total at the time of B Investments Holding investment in Total Egypt.
Following the completion of this transaction, B Investments’ stake in Total Egypt will drop from 7.97% to reach 6.38%.
“This transaction marks an important milestone for B Investments” stated Mr. Hazem Barakat, Co- Founder & Chairman of B Investments. “We are very pleased to have been a part of Total Egypt’s growth story and we look forward to continuing our fruitful partnership with Total”.
In 2013, B Investments acquired 7.97% of Total Egypt through a capital increase which supported the company to increase its retail gas stations from 70 stations in 2013 to 240 stations in 2020.
(Source: B Investments)