Is B Investments partially exiting Total Egypt?
Is B Investments close to offloading part of its Total Egypt stake? B Investments denied it has reached an agreement to sell 20% of its stake in Total Egypt after local press reports yesterday claimed it had agreed to sell the shares for EGP 146.4 mn. Sources told Al Mal that the company would reduce its 7.97% stake to 6.38% without naming the buyer. In an EGX filing (pdf) B Investments denied the claims and said it was still working to finalize an agreement.
B Investments earlier this year said it was looking to offload a fifth of its holdings in Total Egypt, which operates more than 230 service stations in the country and holds key agreements in fossil fuel exploration, production and trading activities. The French group’s Egypt arm is also a player in the aviation fuels market, and operates Bonjour-branded convenience stores in Egypt.
In other M&A news-
Act Financial-led group has more appetite for Sodic: A group of investors including Act Financial, Hassan Allam Properties, Concrete Plus Engineering and Construction has increased its combined stake in Sodic to 14%, according to a regulatory filing (pdf) yesterday. The group has been raising its holdings in Sodic since July. Concrete Plus now holds a 5% stake, Act Financial a 4.3%, and Hassan Allam Properties 3.9% (or 4.4% if we count a 0.5% stake held by its CEO), and group-affiliated Tarek Mohamed Mahmoud Youssef 0.2%. Olayan Investment holds a 13.84% stake.