Cairo – Mubasher: B Investments Holding’s board agreed to sign a put option agreement to sell the company’s entire stake of 6.38% in TotalEnergies Marketing Egypt (TE) to TotalEnergies Marketing Afrique SAS (TEMA) for $27.60 million.

Furthermore, B Investments is eligible for an additional amount of $2.20 million subject to certain milestones concerning TEMA’s transaction with Abu Dhabi National Oil Company for Distribution (ADNOC), according to a bourse statement on Sunday.

Moreover, the board's Chairman has been delegated to take all the necessary legal and regulatory procedures to execute the sale. Transaction completion is expected during the first quarter (Q1) of 2023

In the first nine months (9M) of 2022, the consolidated net profits after tax of B Investments totalled EGP 998.92 million, higher than EGP 72.92 million in 9M-21, including non-controlling interests.    

The EGX-listed firm generated revenues worth EGP 1.32 billion during the January-September 2022 period, compared to EGP 112.08 million in 9M-21.