Egypt: GB Auto cuts stake in Dutch firm for $60mln

Reuters Images/Mohamed Abd El Ghany

The transaction will reduce GB Auto’s indirect stake in the Dutch firm to 49.50%

Staff Writer, Mubasher

November 21, 2022

PHOTO

Cairo – The board of directors of Ghabbour Auto (GB Auto) approved unanimously to sell 7.50% of the company’s stake in MNT Investment BV at $60 million.

The acquisition value is set to be increased to $71.30 million if certain conditions are met, according to a stock exchange statement on Sunday.

The transaction will reduce GB Auto’s indirect stake in the Dutch firm to 49.50%.

In the first nine months (9M) of 2022, GB Auto achieved consolidated net profits of EGP 1.74 billion, a leap of 40.30% year-on-year (YoY) from EGP 1.24 billion, including minority shareholders' rights.

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