By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Public Enterprise Minister discusses cooperation with Aluminium Bahrain
    Public Enterprise Minister discusses cooperation with Aluminium Bahrain
    May 28, 2023
    First Abu Dhabi Bank Egypt launches ‘Access’ portal for electronic payments
    First Abu Dhabi Bank Egypt launches ‘Access’ portal for electronic payments
    May 28, 2023
    Sorouh partners with RICON Construction to establish new projects with EGP 30bn investments
    Sorouh partners with RICON Construction to establish new projects with EGP 30bn investments
    May 28, 2023
    Egyptian property sales increase 7% in April: Aqarmap
    Egyptian property sales increase 7% in April: Aqarmap
    May 28, 2023
    Africa needs 10 million housing units annually to meet increasing demand:AFCCA
    Africa needs 10 million housing units annually to meet increasing demand:AFCCA
    May 28, 2023
  • Politics
    PoliticsShow More
    Irrigation Minister reviews preparations for upcoming Cairo Water Week
    Irrigation Minister reviews preparations for upcoming Cairo Water Week
    May 28, 2023
    Al-Sisi affirms Egypt's keenness on security, stability of Iraq
    Al-Sisi affirms Egypt’s keenness on security, stability of Iraq
    May 28, 2023
    Biden, Republican House Speaker reach ‘preliminary agreement’ on debt ceiling
    Biden, Republican House Speaker reach ‘preliminary agreement’ on debt ceiling
    May 28, 2023
    Erdoğan wins third presidential term in Turkey after tough run-off
    Erdoğan wins third presidential term in Turkey after tough run-off
    May 28, 2023
    Map of alliances affects second round of Turkish presidential election
    Map of alliances affects second round of Turkish presidential election
    May 28, 2023
  • Interviews
    InterviewsShow More
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    I changed my artistic path to create ‘state of wonder’: Tarek Lotfi
    May 25, 2023
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    I adore Ramadan drama, ‘Telt Al-Talata’ series achieved great success: Ghada Abdel Razek
    May 8, 2023
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    We aim to establish Egypt as nearshore centre for Software AG for MET region: Rami Kichli
    April 29, 2023
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    Egypt-Spain relations witness remarkable development in recent years: Spanish ambassador in Cairo
    April 18, 2023
    "Al-Asly" series saw my first leading role in TV drama: Reham Abdel Ghafour
    “Al-Asly” series saw my first leading role in TV drama: Reham Abdel Ghafour
    April 16, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: B Investments to sell stake in Giza Systems to STC
Share
Notification
Latest News
Public Enterprise Minister discusses cooperation with Aluminium Bahrain
Public Enterprise Minister discusses cooperation with Aluminium Bahrain
Business
Irrigation Minister reviews preparations for upcoming Cairo Water Week
Irrigation Minister reviews preparations for upcoming Cairo Water Week
Politics Egypt
Al-Sisi affirms Egypt's keenness on security, stability of Iraq
Al-Sisi affirms Egypt’s keenness on security, stability of Iraq
Politics Egypt Region
Biden, Republican House Speaker reach ‘preliminary agreement’ on debt ceiling
Biden, Republican House Speaker reach ‘preliminary agreement’ on debt ceiling
Politics World
Erdoğan wins third presidential term in Turkey after tough run-off
Erdoğan wins third presidential term in Turkey after tough run-off
World Politics
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > B Investments to sell stake in Giza Systems to STC
Business

B Investments to sell stake in Giza Systems to STC

Fatma Salah
Last updated: 2022/06/06 at 12:29 AM
By Fatma Salah 2 Min Read
Share
B Investments to sell stake in Giza Systems to STC
SHARE

B Investments Holding signed an agreement with the Arabian Internet and Communications Services Company – Solutions, a subsidiary of the Saudi Telecom Company (STC), to acquire B Investments’ 44.7% stake in Giza Systems.

Last April, the Board of Directors approved the binding offer from the Arabian Company to acquire the entire 44.7% stake of B Investments Holding through an indirect stake in Giza Systems.

The Saudi Arabian Company for Internet and Communications Services “Solutions” signed a binding offer to acquire 89.49% of Giza Systems Company and acquire the non-owned stake of Giza Systems Company in Giza Arabian Systems Company Ltd., which represents 34%, in return for cash for the entire value of the deals.

The total value of the facility within the targeted deals was estimated at about $158m, of which $13m is the share of a Saudi investor in Giza Arabian Systems Company, and $145m for Giza Systems Company (the parent company) in Egypt.

“Solutions” stated in a statement on “Saudi Exchange” that the binding offer will be exclusive between the parties from the date of its signing and for up to a period of 12 weeks.

B Investments Holding Company agreed, indirectly, to the offer of the subsidiary of the Saudi STC Group, to acquire its entire stake in Giza Systems, amounting to 44.7%.

Omar El-Labban, director of investor relations at the company, said that the offer valued the facility, including debt and working capital, which will be deducted upon the final implementation of the deal after completing the regulatory approvals in Egypt and Saudi Arabia.

He told DNE that the deal is expected to be implemented within 6-8 weeks after the two companies obtained the necessary approvals from the competent authorities.

He added that the final exit outcome cannot be determined at the present time, and the company may decide to distribute part of it and reinvest the proceeds of the transaction in new opportunities.

You Might Also Like

Public Enterprise Minister discusses cooperation with Aluminium Bahrain

First Abu Dhabi Bank Egypt launches ‘Access’ portal for electronic payments

Sorouh partners with RICON Construction to establish new projects with EGP 30bn investments

Egyptian property sales increase 7% in April: Aqarmap

Africa needs 10 million housing units annually to meet increasing demand:AFCCA

TAGGED: B Investments, Giza Systems, STC
Share this Article
Facebook Twitter Email Print
Previous Article Egypt has never engaged in conflicts to increase its water share: Al-Sisi Egypt has never engaged in conflicts to increase its water share: Al-Sisi
Next Article GAFI chief visits Doha to discuss boosting investment cooperation GAFI chief visits Doha to discuss boosting investment cooperation
Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Public Enterprise Minister discusses cooperation with Aluminium Bahrain
Public Enterprise Minister discusses cooperation with Aluminium Bahrain
Business
Irrigation Minister reviews preparations for upcoming Cairo Water Week
Irrigation Minister reviews preparations for upcoming Cairo Water Week
Politics Egypt
Al-Sisi affirms Egypt's keenness on security, stability of Iraq
Al-Sisi affirms Egypt’s keenness on security, stability of Iraq
Politics Egypt Region
Biden, Republican House Speaker reach ‘preliminary agreement’ on debt ceiling
Biden, Republican House Speaker reach ‘preliminary agreement’ on debt ceiling
Politics World
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?