GB Auto's board of directors agreed to sell an indirect stake representing 45% of GB Lease at EGP 855m to Chimera. GB Auto owns GB Capital for Financial Investments, which owns 100% of the Dutch company GB Lease. Baker Tilly set the fair value of the GB Lease share at EGP 2.6, with a total amount of EGP 1.765.014bn distributed over 675.8 million shares. The fair value of GB Lease at the end of last September amounted to EGP 1.322.465bn, according to the study that came with the decisions of the Board. The company's board of directors, in the session held last Thursday, approved the study and started taking measures to sell part of GB Auto's indirect shareholding in GB Leasing and Factoring, with a stake of 45%, at a value of EGP 855m. Sources 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 pound's exchange rate to stabilize. The sources added that Adsero Law Firm plays the role of legal advisor to GB Auto, while Arqaam Capital played the role of independent financial advisor, and Baker Financial Consultancy to determine the fair value. The sources indicated that GB Capital was aiming to exit only 20%, but that percentage was raised to sell about 45% of its shares in its financial leasing subsidiary.
