B Investments Holding has agreed to lease its entire 6.3% stake in Total Egypt for USD 27.6 mn.
The company said in a statement sent to the EGX on Sunday that it is also entitled to an additional USD 2.2 mn if some of the conditions of the deal with ADNOC Distribution (ADNOC) are met, explaining that the deal is expected to be implemented during the first quarter of 2023.
Total Energies France has entered into an agreement to sell 50% of Total Egypt to ADNOC Distribution.
B Investments Holding owns 6.38% of Total Egypt's total shares, in addition to related shareholders who own 9% of Total Egypt (BINV Group Shares).
The transfer notice includes the eligibility of B Investments Holding and related shareholders exercising the pre-emption right to purchase 34.62% of Total France's total shares in Total Egypt on the same terms of the offer submitted by ADNOC before August 29, which is extended to September 15.
The completion of the proposed transaction for ADNOC's purchase of Total France's shares in Total Egypt is subject to a number of preconditions, including Total France exercising the call option of the shares of B Investments Holding and related shareholders or B Investments and shareholders exercising the put option of their shares in Total Egypt.
B Investments Holding recorded a net profit of EGP 60.46 mn from the beginning of January to the end of June, compared to EGP 72.51 mn during the same period last year.
The company's revenues declined during the first six months of this year, recording EGP 59.56 mn at the end of June, compared to EGP 98.93 mn during the same period of 2021.
