B Investments, Total Energy’s deal reaches $29.8mln

B Investments announced that the sale of its entire stake of 6.38 percent in TotalEnergies Marketing Egypt (TE) to TotalEnergies Marketing Afrique SAS (TEMA) for $29.8 million, up from $27.6 million, the company told EGX on Thursday.

The total transaction has increased with about $2.2 million after TotalEnergies Africa’s deal with ADNOC Distribution on Wednesday, the statement added.

The company adopted a value study of TotalEnergies Marketing Egypt, conducted by the independent financial advisor of Baker Company for financial consultancy.

B Investments has recorded net profit of 60.46 million Egyptian pounds since the beginning of January until the end of last June, comparing to 72.51 million pounds at the same period the year before.

The company’s revenues decreased during the first 6 months of last year. Wherein it has recorded 59.56 million pounds by the end of June, in comparison to 98.93 million pounds during the same period in 2021.