Emirati Chimera to acquire 45% of a subsidiary of GB Auto at a value of EGP 855m

GB Capital for Financial Investments — a subsidiary of GB Auto — signed a definitive agreement with Chimera Investments of the UAE to sell an indirect stake representing 45% of the shares of GB Leasing for EGP 855m.

The company stated that the total value of the deal amounted to EGP 855m, so that the percentage of GB Capital in GB Leasing’s capital became 55% after the sale, and legal measures are being taken so that the company can implement it.

Sources also told Daily News Egypt that the process of transferring the shares will take place within the next few weeks as soon as final approvals are obtained from the regulatory authorities, and the deal was waiting for the EGP’s exchange rate to stabilise.

They added that Adsero is playing the role of legal adviser to GB Auto, while Arqaam Capital played the role of independent financial adviser, and Baker Financial Consultancy will determine the fair value.