Cairo – Mubasher: Ghabbour Auto (GB Auto) plans to offer a stake in its unit, GB Capital, on the Egyptian Exchange (EGX) by 2020.

The financial investment firm is currently conducting the required legal procedures for the initial public offering, chairman and CEO Raouf Ghabbour told Alborsa News.

He has not revealed any further details regarding the value or size of the stake.

The company does not plan to list any of its other subsidiaries on the Egyptian bourse in the short term, Ghabbour added.

In April, the company had announced that it was considering listing GB Capital on the EGX.

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