Mubasher: B Investments Holding has inked a share purchase agreement (SPA) to sell its 44.7% stake in Giza Systems to Arabian Internet and Telecommunication Company (Solutions), a subsidiary of Saudi Telecom Company (stc).

On 3 April, the board of B Investments has approved the binding offer for Solutions' acquisition of its entire stake in Giza Systems, according to a bourse filing on Sunday.

It is noteworthy to mention that in the first quarter (Q1) of 2022, the consolidated net profits of B Investments plunged to EGP 22.30 million, compared to EGP 50.62 million in the year-ago period, including minority shareholders' rights.