The Board of Directors of GB Capital for Financial Investments — which is 99.99% owned by GB Auto — has agreed to negotiate an agreement with Chimera Abu Dhabi to indirectly sell 45% of the shares of GB Leasing.
The necessary regulatory approvals are being issued in accordance with the general rules for executing the transaction by the Financial Regulatory Authority (FRA).
The FRA stressed that once the required approvals are issued by the relevant authorities and institutions, the transaction will be completed.
Sources told DNE that Chimera has already started the process of due diligence on the company and that the deal could be concluded within two months.
The consolidated net profit of GB Auto increased by 35% during the first half (1H) of 2022 to reach EGP 1.09bn, compared to a net profit of EGP 807.3m in the same half of 2021.
Moreover, its revenue increased to EGP 15.67bn, compared to revenues of EGP 14.09bn despite market challenges, in addition to a strong demand for the company’s products and improving pricing policies in various operational sectors.