B Investments’ board has accepted a binding offer for the acquisition of its entire stake (economic interest of 44.7%) in Giza Systems by Solutions by STC, a subsidiary of Saudi Telecommunication Company (STC). The offer values 100% of Giza Systems at an Enterprise Value of USD 145 million. The final Equity Value will be determined based on net debt and working capital figures at closing.
The transaction is subject to finalizing transaction documents and customary regulatory approvals.
B Investments’ ownership in Giza Systems is through its subsidiary Inergia Technologies (“Inergia”). B Investments owns 68.0% of Inergia and Inergia owns 65.7% of Giza Systems. Hence, BINV’s economic interest in Giza Systems through Inergia is 44.7%.
B Investments Holding is pleased to announce that 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%.
“This transaction marks an important milestone for B Investments” stated Mr. Hazem Barakat, Co- Founder & Chairman of 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.
MNHD wants to open talks on merger with, or acquisition of, SODIC: The board of directors of Madinet Nasr Housing & Development (MNHD) has given its chairman the go ahead to open talks.Read more
The retail tranche of B Investment’s initial public offering was 84.4x oversubscribed when bookbuilding concluded at the close of yesterday’s session.Read more
BPE Partners and MM Group for Industry and International Trade (MTI) have together acquired 60% of TBE Egypt for Payment Solutions and Services (Bee) for EGP 156 mn. The transaction was executed through Ebtikar for Financial Investment, a 50-50 joint venture between BPE Partners and MTI. Bee provides bill payment solutions through a secure network and has more than 35,000 outlets across Egypt.Read more
BPE Partners has appointed EFG Hermes and Sigma Capital to manage it’s planned listing on the EGX this year. The company plans to list 25-30% of its shares. Zaki Hashem & Partners are legal advisors on the transaction and Grant Thornton is preparing the fair value assessment.Read more
Acumen-BPE will begin marketing the Housing and Development Bank’s EGP 1 bn real estate fund in September once it receives the green light from the Egyptian Financial Supervisory Authority. The first EGP 500 mn phase of the fund is set to launch in 4Q2017.Read more
Ibtikar for Investment Finance, a partnership between BPE Partners and MM Group that provides SME finance and leasing, has applied for a license to launch micro-finance operations in Egypt. Ibtikar plans to begin offering factoring, leasing, and finance by the end of the year.Read more
BPE Partners has established a joint venture with Daikin, a Japanese multinational AC manufacturing company (Daikin Egypt), an investment valued at EGP 47 mn. Daikin Egypt will distribute and provide after-sales services for ACs, heating, ventilation, and cooling energy-saving equipment.Read more