Egypt's GB Auto uses $9mln of capital raise proceeds

The remaining amount of the proceeds stands at $52mln

  
An exterior view of Egypt's biggest car assembler GB Auto in Cairo September 10, 2013.

An exterior view of Egypt's biggest car assembler GB Auto in Cairo September 10, 2013.

REUTERS/Mohamed Abd El Ghany
Cairo –  Ghabbour Auto (GB Auto) used EGP 147.36 million worth of capital raise subscription proceeds which totalled EGP 958.67 million listed in June 2015 till June 2021.

The remaining amount of the proceeds stands at EGP 811.31 million, GB Auto said in a bourse disclosure on Tuesday.

During the first quarter (Q1) of 2021, GB Auto achieved net profits of EGP 349.52 million, up from EGP 216.15 million in Q1-20, including minority shareholders’ rights.

Source: Mubasher

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