Cairo – Mubasher: B Investments Holdings’ board of director has agreed to acquire a majority stake of 40% in Gourmet Group at a value of EGP 65 million.
The board also approved an EGP 60 million capital hike, upon which the company will hold 53% stake in Gourmet, B Investments said in a filing to the Egyptian Exchange (EGX) on Wednesday.
Gourmet Group includes Gourmet Egypt and Gourmet Food Solution.
B Investments previously reported a 21% year-on-year rise in consolidated profits for the first half of 2018.
Net profit stood at EGP 112.07 million in the six-month period ended June, compared to EGP 92.59 million in H1-17.
Meanwhile, standalone profits shrank to EGP 44.2 million in H1-18, versus EGP 32.7 million in the year-ago period.
