B Investments to sell 6.38% stake in TotalEnergies Marketing Egypt for $27.6M
Updated 12/25/2022 12:00:00 PM
Arab Finance: B Investments Holding’s (BINV) board of directors will sign a put option agreement to sell the company’s entire stake of 6.38% in TotalEnergies Marketing Egypt to TotalEnergies Marketing Afrique (TEMA) for $27.6 million, according to a disclosure issued on December 25th.
Under the agreement, B Investments is eligible for an additional amount of $2.2 million, which is subject to certain conditions regarding TEMA’s transaction with Abu Dhabi National Oil Company for Distribution (ADNOC).
The board approved to assign the company’s chairman to take all necessary legal and regulatory procedures to carry out the sale as per the listing rule of the Egyptian Exchange (EGX); Article 43 (bis) before the implementation of the transaction.
The transaction is expected to be complete in the first quarter (Q1) of 2023.
Established in 2006, B Investments is an Egypt-based private equity firm and growth capital investor that pulls a wealth of expertise to actively create value in its portfolio companies.
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