GB Auto decides Capital Reduction, records Profits Dip by 21.5% in 2011

GB Auto (AUTO) has decided to produce capital reduction through the cancellation of 323940 treasury shares worth of L.E9.461 million when they were first purchased on March 28.2011. According to the auditor’s report, the company would have the right to resell its treasury shares after one year when they were first purchased. The company shall also present the request for reselling those shares to an extraordinary general assembly.

GB Auto’s issued capital values at L.E129 million distributed to 129 million shares in which the par value for each share amounts to L.E1.

The company has achieved net profits reached L.E222.987 million during the FY ended Dec.31, 2011, noting that it had posted net profits of L.E283.956 million during the FY ended Dec.31, 2010.

In the meanwhile, the company’s unconsolidated financial statement has revealed the making of net profits valued at L.E631.806 million, noting that it had posted net profits of L.E43.334 million for the same comparable period of 2010.

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