ArabFinance: GB Auto’s (AUTO) board of directors has approved the participation in the establishment of a company in Kenya and a joint-stock company in Egypt under the name of GB Automotive for Car Trade and Manufacturing, according to a filing to the Egyptian Exchange (EGX) on Thursday.

The board also approved reducing the company’s shares to 1.086 billion from 1.094 billion through writing off 8.51 million treasury shares.

It is worth noting that GB Auto recorded a consolidated net profit attributable to the parent company of EGP 1.47 billion in 2021.

GB Auto is an Egypt-based automotive that operates in trading, distributing, and marketing all transportation means, including heavy trucks, semi-trucks, passenger cars, buses, agriculture tractors, and pick-ups.

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