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Reading: GB Auto prepares to sell 45% of GB Lease to Chimera for EGP 855m
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Dailynewsegypt > Blog > Business > GB Auto prepares to sell 45% of GB Lease to Chimera for EGP 855m
Business

GB Auto prepares to sell 45% of GB Lease to Chimera for EGP 855m

Fatma Salah
Last updated: 2023/01/03 at 10:04 AM
By Fatma Salah 2 Min Read
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GB Auto prepares to sell 45% of GB Lease to Chimera for EGP 855m
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GB Auto’s board of directors agreed to sell an indirect stake representing 45% of GB Lease at EGP 855m to Chimera.

GB Auto owns GB Capital for Financial Investments, which owns 100% of the Dutch company GB Lease.

Baker Tilly set the fair value of the GB Lease share at EGP 2.6, with a total amount of EGP 1.765.014bn distributed over 675.8 million shares.

The fair value of GB Lease at the end of last September amounted to EGP 1.322.465bn, according to the study that came with the decisions of the Board.

The company’s board of directors, in the session held last Thursday, approved the study and started taking measures to sell part of GB Auto’s indirect shareholding in GB Leasing and Factoring, with a stake of 45%, at a value of EGP 855m.

Sources 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 pound’s exchange rate to stabilize.

The sources added that Adsero Law Firm plays the role of legal advisor to GB Auto, while Arqaam Capital played the role of independent financial advisor, and Baker Financial Consultancy to determine the fair value.

The sources indicated that GB Capital was aiming to exit only 20%, but that percentage was raised to sell about 45% of its shares in its financial leasing subsidiary.

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Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
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Strong representation of women in TV series of Ramadan 2023
Strong representation of women in TV series of Ramadan 2023
Culture Cinema
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
Business
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Business
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