Cairo – Mubasher: Ghabbour Auto (GB Auto) said the board of its 99.99%-owned subsidiary, GB Capital for Financial Investments, agreed to negotiate entering into an agreement with Chimera Abu Dhabi to indirectly sell 45% of GB Lease’s shares.  

The firm said the transaction will be subject to the approvals of the Financial Regulatory Authority (FRA), GB Auto’s board of directors as well as other relevant bodies and institutions, according to a bourse statement on Wednesday.

During the first six months (6M) of 2022, GB Auto achieved a net profit of EGP 1.09 billion, a year-on-year (YoY) jump of 34.80% when compared to EGP 811.6 million, including minority shareholders’ rights.