The acquisition by the Emirates “ADNOC Distribution” of 50% of the “Total” filling stations in Egypt is nearing completion, with the approval of the Board of Directors of “B Investments Holding” for the sale of the company’s entire stake in “Total Energy Marketing Egypt ”, equal to 6.38%, to Total Energies Marketing Africa (TEMA) for 27.6 million dollars.
The approval of the board of directors of “B Investments Holding” came at a meeting held on Thursday, according to the stock market release on Sunday.
According to Al Sharq Bloomberg, B Investments deserves an additional $2.2 million if some of the conditions of the TEMA deal with ADNOC Distribution are met. The deal is expected to be completed in the first quarter of 2023.
Established in 1998, Total Energy Egypt is among the four largest petrol station companies in Egypt, with 240 stations.
On July 28, ADNOC Distribution, a subsidiary of state-owned oil giant Abu Dhabi National Oil Company, ADNOC, finalized an agreement to acquire 50% of Total Energy Egypt’s assets, in a deal valued at more than $203 million , including fuel station activities. Retail, wholesale and aviation fuel in Egypt.
