ADNOC Distribution’s acquisition of 50% of Total fuel stations in Egypt is nearing its conclusion with the approval of the Board of Directors of B Investments Holding, Asharq Business News reported.
The Board of Directors of B Investments Holding agreed to sign a put option agreement to sell B Investments’ entire stake of 6.38% in TotalEnergies Marketing Egypt LLC (TE) to TotalEnergies Marketing Afrique SAS (TEMA) for a total consideration of $27.6 million, according to B Investments Board of Directors Resolutions.
B Investments is also due an additional $2.2 million if certain conditions of the TEMA deal with ADNOC Distribution are met. The deal is expected to be completed during the first quarter of 2023.
The Board agreed to delegate its chairman to take the necessary regulatory and legal procedures in order to execute the sale and undertakes to comply with EGX Listing Rules Article 43 (bis) prior to the execution of the transaction.
Founded in 1998, TotalEnergies Egypt is among the four largest gas station companies in Egypt with 240 stations.