Arabia Communications Services Company (Solutions) — a subsidiary of Saudi Telecom (STC) — acquired B Investments Holding’s entire stake in Giza Systems, amounting to 44.7%.
It also acquired an indirect share through Energia Technologies, along with additional purchases from other shareholders in the company, bringing the entire share of Solutions to about 88%.
The company noted that the transaction entails depositing 10% of the value of shares sold in an escrow account for a period of 45 days from the execution date until Giza Systems’ working capital and cash position balances are assessed.
Sources told Daily News Egypt that B Investments owns about 68% of Energia and that the latter will hold a Board of Directors meeting and a general assembly to start the distribution procedures, stressing that the transaction will be processed with Energia in dollars provided that it distributes it to B Investments in Egyptian pounds.
They added that Beltone Securities acted as the broker of the deal for both parties, while White & Case served as the seller’s adviser and Matouk Bassiouni and Hennawy served as the buyer’s adviser.
Last Monday, the OTC market witnessed the execution of the sale of a 44.7% stake by B Investments Holding on 8.75 million shares of its shares in Giza Systems at a value of EGP 2.26bn to Solutions at a total company equity value of $119m.
