Cairo – Mubasher: Ghabbour Auto (GB Auto) announced that its shareholders have approved a restructuring that will strengthen the position of its unit GB Capital to pursue potential strategic opportunities during an extraordinary general meeting (EGM).

Shareholders approved the merge between GB Auto and its 99-owned subsidiary RG Investments (RGI), the automotive company said in a statement to the Egyptian Exchange (EGX) on Tuesday.

Such transaction, which will be conducted at book value, will have no impact on GB Auto’s consolidated financial results, the company affirmed.

In June, GB Auto revealed that Raouf Ghabbour will transfer his 34.435 million shares in GB Auto to RGI.