Cairo – Mubasher: Ghabbour Auto (GB Auto) announced the completion of a transaction to sell a part of its stake in MNT Investments BV as all legal and procedural conditions have been satisfied, according to a bourse disclosure on Sunday.
In April, GB Auto said that one of its subsidiaries signed an agreement with foreign investment funds to start procedures for selling a part of its stake in MNT Investments BV, representing 5% of the company’s shares.
The transaction, valued at EGP 352.677 million, will reduce GB Auto’s indirect stake in the Dutch firm to 57.26%.
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.
