GB Auto, Egypt's largest listed automotive assembler and distributor, said on Monday it was seeking regulatory approval for a share issue worth 960 million Egyptian pounds ($134.23 million) to raise its capital and fund growth. The rights issue would increase GB Auto's capital to 1.1 billion pounds, the company said in a statement. "Proceeds from the capital raising would be used to fuel the company's drive to capture what management believes are outstanding opportunities in its home market of Egypt," it said. "GB Auto also remains watchful for compelling opportunities on a regional basis." The Egyptian stock market suspended trading in GB Auto on Thursday, pending full disclosure of its plans. The stock resumed trading on Monday and was up 10 percent at 33 pounds a share at 1152 GMT. GB Auto's chief executive told Reuters last week the company planned a rights issue worth about 1 billion pounds, but did not give full details. Raouf Ghabbour also said the company aimed to invest $1.5 billion to build two new factories in its biggest ever investment programme. GB Auto is the Egyptian distributor of three-wheeler tuk-tuks and motorbikes made by India's Bajaj. It is also Egypt's sole dealer of Hyundai, Mazda and Geely passenger cars and sells cars it assembles from kits. http://english.ahram.org.eg/News/120117.aspx
