Cairo – Mubasher: The board of Ghabbour Auto (GB Auto) agreed to sell a 45% indirect stake in GB Lease at a value of EGP 855 million.

Following the transaction, GB Auto’s indirect ownership in GB Lease will stand at 55%, according to a bourse statement on Monday.

In December 2022, GB Capital for Financial Investments, a 99.99%-owned subsidiary of GB Auto, signed a definitive agreement with Chimera Abu Dhabi to indirectly sell 45% of GB Lease’s shares with total proceeds of EGP 855 million. 

In September 2022, GB Capital’s board agreed to negotiate entering into an agreement with Chimera Abu Dhabi to indirectly sell 45% of GB Lease.

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.