Cairo – Mubasher: The extraordinary general meeting (EGM) of Ghabbour Auto (GB Auto) has approved the merger with R.G Investments at book value, except for the 1%, or 7.3 million shares, abstained from voting.

The capital will be calculated based on the book value and shares’ distribution following the merger in accordance with the market capitalisation, GB Auto said in a filing to the Egyptian Exchange (EGX) on Tuesday. 

The offer will be submitted to the EGM again for final approval in light of the anticipated report issued by the economic performance department at the General Authority For Investment and Free Zones (GAFI), according to the filing.

GB Auto had previously announced it was considering to float its arm GB Capital on the EGX.

The company’s capital amounts to EGP 960 million distributed over 1.09 billion shares at a par value of EGP 1 per share.

It is worth noting that GB Auto holds a 99.9% stake in R.G Investments S.A.R.I.