B Investments Holding sold its 6.38% stake in TotalEnergies Marketing Egypt (TE) to TotalEnergies Marketing Afrique SAS (TEMA) for $27.60 million, bringing the company’s total equity value to $433 million.

B Investment announced the execution of the transaction on 6 February 2023, while its board greenlighted the bargain last December, according to a bourse disclosure.

Meanwhile, the EGX-listed firm is eligible for another $2.20 million subject to certain milestones regarding TEMA’s transaction with Abu Dhabi National Oil Company for Distribution (ADNOC).

In the first nine months (9M) of 2022, B Investments logged consolidated net profits after tax worth EGP 998.92 million, an annual leap from EGP 72.92 million, including non-controlling interests.

Revenues widened to EGP 1.32 billion in 9M-22 from EGP 112.08 million in 9M-21, whereas the basic and diluted earnings per share (EPS) hiked to EGP 4.04 from EGP 0.46.

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