GB Auto has revealed that it sold 7.5% stake in the Dutch company, MNT Investment, to Chimera. GB Auto’s stake in MNT Investment will reduce to 49.5%.
GB Auto said last November that the target shares would be sold at a value of $60m, or $71.3m if specific conditions were met.
GB Auto had earlier signed a definitive agreement to sell a 21.7% stake in MNT Investments “Chimprop 2 Investment SPV RSC Ltd”.
At that time, the company stated that the procedures for selling GB Auto part of its indirect shareholding in the Dutch company MNT Investments B.V, representing 7.5%, would begin, with a total value of $60m.
MNT Investments B.V indirectly owns controlling stakes in the capital of “Mashroui” and Tasheel Microfinance companies, in addition to contributions in other companies in the fields of financial technology.
The combined 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.
