Cairo – Mubasher: GB Capital for Financial Investments, a 99.99%-owned subsidiary of Ghabbour Auto (GB Auto), has signed a definitive agreement with Chimera Abu Dhabi to indirectly sell 45% of GB Lease’s shares with total proceeds of EGP 855 million.
After executing the transaction, GB Capital will remain the majority shareholder of GB Lease, owing the remaining 55% stake, according to a bourse statement.
The transaction is subject to the approval of GB Auto’s board of directors.
In September 2022, GB Capital’s board agreed to negotiate entering into an agreement with Chimera Abu Dhabi to indirectly sell 45% of GB Lease.
In the first nine months (9M) of 2022, GB Auto achieved consolidated net profits of EGP 1.74 billion, a leap of 40.30% year-on-year (YoY) from EGP 1.24 billion, including minority shareholders' rights.
