B Investments’ Board of Directors accepted a binding offer for the acquisition of its entire stake (An economic interest of 44.7%) in Giza Systems by STC Solutions — a subsidiary of Saudi Telecommunication Company (STC(.
The offer values 100% of Giza Systems at an Enterprise Value of $145m.
The final equity value will be determined based on net debt and working capital figures at closing.
The transaction is subject to finalising transaction documents and customary regulatory approvals.
B Investments’ ownership in Giza Systems is through its subsidiary Inergia Technologies.
The company owns 68% of Inergia, and Inergia owns 65.7% of Giza Systems. Hence, B Investments’ economic interest in Giza Systems through Inergia is 44.7%.
B Investments Holding recorded a net profit of EGP 72.92m from January 2021 to September 2021, compared to EGP 153.55m in profits during the same period in the previous year.
The company’s revenues, however, declined during the same period, recording EGP 112.08m, down from 2020’s EGP 189.83m.
