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B Investments completes acquisition of Orascom Financial Holding

B Investments completes acquisition of Orascom Financial Holding
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B Investments Holdings
BINV
0.59% 18.80 0.11

Cairo – Mubasher: B Investments Holding has acquired a 90% stake in Orascom Financial Holding (OFH), according to a bourse disclosure.

The transaction was concluded on 17 April 2024, while the Financial Regulatory Authority (FRA) granted its approval for the acquisition last February.

Earlier in January 2024, the shareholders of B Investments agreed to increase its capital to EGP 1.17 billion from EGP 800.12 million to boost its position in the financial sector via the acquisition process.

As of 31 December 2023, the consolidated net profits of B Investments plunged to EGP 693.76 million from EGP 1.33 billion in 2022.

Meanwhile, Orascom Financial Holding shifted to net profits after tax valued at EGP 20.45 million last year, against net losses worth EGP 133.39 million in 2022.