RIYADH: Egyptian private equity firm B Investments plans to invest 2 billion Egyptian pounds ($67.3 million) in the health and food sectors in 2023, revealed the company’s top executive.
The company’s chairman of the board of directors Hazem Barakat disclosed to Asharq that the new investments will be financed by making exits from some of its existing assets. He revealed that the company intends to complete the acquisition deal in the healthcare sector before the end of the first quarter of 2023.
As for the second deal regarding the food sector, it is projected to be implemented during the second quarter of the year, the chairman of the board of directors added.
He revealed that B Investments plans to finance these two new deals through part of the proceeds of its exit from petroleum firm Total Energy Egypt and telecommunications systems provider Giza Systems.
As for the remaining proceeds, Barakat revealed that they will be distributed to the company's shareholders in cash. The Egyptian firm has agreed to sell its 6.38 percent stake for as much as $27.6 million.
In October 2022, B Investments sold its entire stake in Giza Systems, amounting to 44.7 percent, as an indirect stake through Energy Technologies, a subsidiary, to the Arab Internet and Communications Services Co., Solutions. Saudi Telecom Co., known as STC, at a value of $119 million.
During the same month, Egyptian President Abdel Fattah El-Sisi discussed strengthening cooperation with the World Health Organization to improve the country’s healthcare sector.
The president met with World Health Organization Director-General Tedros Adhanom Ghebreyesus in Cairo on the sidelines of the 69th session of the WHO Regional Committee for the Eastern Mediterranean.
According to a statement by the spokesperson of the Egyptian presidency, improving medical services to citizens has been a national priority under Egypt Vision 2030.
“Ending the waiting lists for critical surgeries and providing comprehensive health insurance for all citizens across Egypt are among the top priorities,” said the Egyptian presidency spokesperson.
Earlier, in July 2022, the Egyptian and Jordanian ministers of industry, trade, and supply met to discuss their agreement regarding food security issues in both countries, reported Egypt Today.
Both countries aim to collaborate to develop their logistics services to ensure food security for both Egypt and Jordan, the Jordanian Ministry of Industry, Trade and Supply said in a statement.