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B Investments valuation of Giza Systems jumps to $128m

B Investments valuation of Giza Systems jumps to $128m
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B Investments Holdings
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Cairo – Mubasher: B Investments Holding said that the total company valuation of Giza Systems has increased to $128 million from $119 million.

This comes after reviewing Giza Systems' working capital and cash balances, according to a bourse filing on Tuesday.

On 4 October 2022, B Investments announced selling its entire stake in Giza Systems (an indirect stake of 44.70% through Inergia Technologies – a subsidiary of B Investments Holding) to Solutions by STC, a subsidiary of Saudi Telecommunications Company (STC), at a total company equity value of $119 million.

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.