By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Net FDIs recorded $8.9bn in 2022, highest since 2011: Hossam Heiba at AmCham
    Net FDIs recorded $8.9bn in 2022, highest since 2011: Hossam Heiba
    March 20, 2023
    Could this be the year for Tobacco Harm Reduction?
    Could this be the year for Tobacco Harm Reduction?
    March 20, 2023
    Strong presence of Egypt’s real estate developers in MIPIM in Cannes
    Strong presence of Egypt’s real estate developers in MIPIM in Cannes
    March 20, 2023
    Raaed Developments launches ROOTS compound in New Sohag with EGP 1.8bn investment
    Raaed Developments launches ROOTS compound in New Sohag with EGP 1.8bn investment
    March 20, 2023
    Tatweer Misr signs MoU with Saudi Arabia to facilitate investment opportunities in Kingdom
    Tatweer Misr signs MoU with Saudi Arabia to facilitate investment opportunities in Kingdom
    March 20, 2023
  • Politics
    PoliticsShow More
    Xi says China will continue to play constructive role in promoting political settlement of Ukraine crisis
    Xi says China will continue to play constructive role in promoting political settlement of Ukraine crisis
    March 21, 2023
    Chinese President Xi meets Putin in Moscow
    Chinese President Xi meets Putin in Moscow
    March 21, 2023
    UN envoy says solution "closest" to end political crisis in Sudan
    UN envoy says solution “closest” to end political crisis in Sudan
    March 20, 2023
    20 years on, George W. Bush’s promise of democracy in Iraq and Middle East falls short
    March 20, 2023
    Iraq 20 years on: researchers assess how US invasion shapes lives today – podcast
    March 20, 2023
  • Interviews
    InterviewsShow More
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    December 27, 2022
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Chimera to complete its acquisition of 21.7% stake of Halan next week
Share
Notification
Latest News
Xi says China will continue to play constructive role in promoting political settlement of Ukraine crisis
Xi says China will continue to play constructive role in promoting political settlement of Ukraine crisis
Politics
Chinese President Xi meets Putin in Moscow
Chinese President Xi meets Putin in Moscow
Politics World
Toyin Falola: 3 recent books that explain the work of Nigeria’s famous decolonial scholar
Culture
UN envoy says solution "closest" to end political crisis in Sudan
UN envoy says solution “closest” to end political crisis in Sudan
Politics
Net FDIs recorded $8.9bn in 2022, highest since 2011: Hossam Heiba at AmCham
Net FDIs recorded $8.9bn in 2022, highest since 2011: Hossam Heiba
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Chimera to complete its acquisition of 21.7% stake of Halan next week
Business

Chimera to complete its acquisition of 21.7% stake of Halan next week

Fatma Salah
Last updated: 2022/10/30 at 10:34 PM
By Fatma Salah 3 Min Read
Share
Chimera to complete its acquisition of 21.7% stake of Halan next week
SHARE

GB Auto commissioned Alpha Capital Financial Advisors as an independent financial advisor to determine the fair value of the shares of its Dutch subsidiary, MNT Halan.

The company signed a sale agreement with the UAE investment company Chimera for a 21.7% stake in Halan, including a 7.5% stake in an indirect contribution to GB Auto, with a value ranging between $60- 71.3m.

Informed sources told Daily News Egypt that it had obtained the initial approval from the Financial Regulatory Authority to complete the deal, noting that the transfer of shares would take place during the first week of next November.

The sources added that determining the final value of the deal depends on the exchange rate when the shares are transferred, while the final valuation of 100% of the company will range between $800m to $1bn.

The company explained that the determination of the fair value, in light of the signing of a final agreement to sell a stake in MNT Investment BV owned by it indirectly, provided that the approvals required to carry out the sale are met.

The company indicated that the procedures for selling GB Auto part of its indirect shareholding in the Dutch company MNT Investments BV, representing 7.5%, with a total value of $60m, will be started.

It explained that it was agreed that the amount would be increased to $71.3m in the event that specific conditions were met, so that the percentage of GB Auto’s indirect ownership in the company after the implementation of the sale deal would reach 49.5%.

The company is currently working on obtaining the required approvals in accordance with the relevant laws to implement the transaction, and after fulfilling the required approvals, the transaction will be completed.

MNT Investments BV indirectly owns controlling stakes in the capital of Mashroo3i and Tashel Microfinance companies, in addition to contributions in other companies in the financial technology fields.

The consolidated net profit of GB Auto increased by 35% during the first half of 2022, to reach EGP 1.09bn, compared to a net profit of EGP 807.3m in the corresponding half of 2021.

You Might Also Like

Net FDIs recorded $8.9bn in 2022, highest since 2011: Hossam Heiba

Could this be the year for Tobacco Harm Reduction?

Strong presence of Egypt’s real estate developers in MIPIM in Cannes

Raaed Developments launches ROOTS compound in New Sohag with EGP 1.8bn investment

Tatweer Misr signs MoU with Saudi Arabia to facilitate investment opportunities in Kingdom

TAGGED: Chimera, Halan
Share this Article
Facebook Twitter Email Print
Previous Article Egypt’s Healthcare Authority inspects preparations for COP27 in Sharm El-Shiekh  Egypt’s Healthcare Authority inspects preparations for COP27 in Sharm El-Shiekh 
Next Article CBE sets controls for financial derivatives at banks CBE sets controls for financial derivatives at banks
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Xi says China will continue to play constructive role in promoting political settlement of Ukraine crisis
Xi says China will continue to play constructive role in promoting political settlement of Ukraine crisis
Politics
Chinese President Xi meets Putin in Moscow
Chinese President Xi meets Putin in Moscow
Politics World
Toyin Falola: 3 recent books that explain the work of Nigeria’s famous decolonial scholar
Culture
UN envoy says solution "closest" to end political crisis in Sudan
UN envoy says solution “closest” to end political crisis in Sudan
Politics
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?