Egypt’s GB Auto board approves unit stake sale talks with UAE’s Chimera

Egyptian car assembler and distributor Ghabbour Auto (GB Auto) said on Wednesday that its board approved to negotiate entering into agreement to sell 45 percent of GB Lease’s share to UAE’s Chimera.

The anticipated transaction will be subject to the approvals of the Egyptian Financial Regulatory Authority (FRA), GB Auto’s board of directors as well as other relevant bodies and institutions, GB Auto further said in a bourse filling.

Established in 2008, GB Lease is GB Auto’s first financing venture. It provides business-to-business financial leasing solutions that are non-exclusive to GB Auto, catering to a diversified client base ranging from top-tier multinationals to local corporations of various scales, as well as small and medium-sized enterprises (SMEs).