B Investments to Decide on Whether to Use Pre-Emption Rights in ADNOC-TotalEnergies Deal

04/08/2022

B Investments is weighing its options for the deal that Abu Dhabi National Oil Company (ADNOC) signed last week to acquire 50 percent of TotalEnergies's fuel distribution business in Egypt.

The company can either sell its stake to ADNOC or use its pre-emption rights to acquire 34.62 percent in TotalEnergies Marketing Egypt LLC for the same price offered by ADNOC before August 29, it said in a bourse disclosure yesterday.

B Investments owns 6.38 percent of TotalEnergies Egypt directly, in addition to 9 percent held with other parties, bringing its total stake to around 15.4 percent.

For its part, ADNOC is set to pay up to $203.3 million for the deal.