B Investments Holding has sold 26 million shares in Gourmet Egypt for EGP 416 million, reducing its stake in the food company to 33.5%, according to a filing to the Egyptian Exchange (EGX) on Monday.

 

The shares were sold at an average price of around EGP 16 each. The disclosure did not identify the buyer or state B Investments’ stake before the transaction, although Gourmet Egypt said in July that B Investments held a 40% stake.

 

Gourmet Egypt’s shares were down around 1.86% during Monday’s session, trading at about EGP 16.32 per share.

 

The transaction comes as Gourmet Egypt continues to expand its food production and retail operations. The company was established in 2006, initially supplying premium meat and seafood to five-star hotels in Cairo before opening its first retail branch in Maadi in 2008.

 

The company later expanded into local food manufacturing amid import restrictions introduced in 2015, establishing two production facilities for soups, salads, baked goods and ready-to-cook and ready-to-eat meals, alongside fresh and frozen products using locally sourced and imported ingredients.

 

Gourmet Egypt currently operates 22 branches and two production facilities, with more than 1,000 products, while continuing to develop its digital and e-commerce channels.