B Investments sells 20% of its stake in Total Egypt
07-01-2021 08:09:00 | by: Pie Kamau | hits: 3158 | Tags:

B Investments announced it has entered into an agreement to sell 20% of its stake in Total Egypt to Total Outre-Mer for a total consideration of approximately EGP 146 million, in accordance with the exit terms pre-agreed with Total at the time of B Investments Holding investment in Total Egypt.

Following the completion of this transaction, B Investments’ stake in Total Egypt will drop from 7.97% to reach 6.38%.

Hazem Barakat, Co-founder & Chairman of B Investments said: “This transaction marks an important milestone for B Investments. We are very pleased to have been a part of Total Egypt’s growth story and we look forward to continuing our fruitful partnership with Total.”

In 2013, B Investments acquired 7.97% of Total Egypt through a capital increase which supported the company to increase its retail gas stations from 70 stations in 2013 to 240 stations in 2020.