Cairo – Mubasher: The shareholders of B Investments Holding agreed to increase the issued capital to EGP 1.17 billion from EGP 800.12 million, according to a bourse disclosure.
The transaction will be implemented at a fair value of EGP 25.22, representing a nominal value of EGP 5 per share and a bonus of EGP 20.22 per share.
The EGX-listed firm plans to acquire a 90% stake in Orascom Financial Holding (OFH) to boost its position in the financial sector.
In this regard, B Investments will trade the increased shares by 1 share in exchange for 56.76 shares of the capital of Orascom Financial Holding.
During the first nine months (9M) of 2023, B Investments logged consolidated net profits after tax valued at EGP 619.44 million, an annual decline from EGP 998.92 million, including non-controlling interest.
As of 30 September 2023, Orascom Financial Holding shifted to consolidated net profits worth EGP 29.52 million, compared to net losses of EGP 161.64 million in 9M-22, including minority interest.
