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Reading: Emirati Chimera to acquire 45% of a subsidiary of GB Auto at a value of EGP 855m
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Dailynewsegypt > Blog > Business > Emirati Chimera to acquire 45% of a subsidiary of GB Auto at a value of EGP 855m
Business

Emirati Chimera to acquire 45% of a subsidiary of GB Auto at a value of EGP 855m

Fatma Salah
Last updated: 2022/12/20 at 10:57 PM
By Fatma Salah 2 Min Read
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Emirati Chimera to acquire 45% of a subsidiary of GB Auto at a value of EGP 855m
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GB Capital for Financial Investments — a subsidiary of GB Auto — signed a definitive agreement with Chimera Investments of the UAE to sell an indirect stake representing 45% of the shares of GB Leasing for EGP 855m.

The company stated that the total value of the deal amounted to EGP 855m, so that the percentage of GB Capital in GB Leasing’s capital became 55% after the sale, and legal measures are being taken so that the company can implement it.

Sources also told Daily News Egypt that the process of transferring the shares will take place within the next few weeks as soon as final approvals are obtained from the regulatory authorities, and the deal was waiting for the EGP’s exchange rate to stabilise.

They added that Adsero is playing the role of legal adviser to GB Auto, while Arqaam Capital played the role of independent financial adviser, and Baker Financial Consultancy will determine the fair value.

Furthermore, the sources pointed out that the initial value of the company amounted to about EGP 2bn and that GB Capital aimed to exit only 20%, but that percentage was raised to sell about 45% of its shares in its financial leasing subsidiary.

The company noted that the deal is conditional on the approval of GB Auto’s Board of Directors and that dealers must take this into account when dealing with the stock.

GB Auto achieved profits amounting to EGP 1.74bn during the period from January to the end of September 2022, compared to profits amounting to EGP 1.24bn in the comparative period of 2021, taking into account minority rights.

The company’s revenues also rose to EGP 22.88bn, compared to revenues of EGP 22.39bn.

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TAGGED: Emirati Chimera, GB
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