Cairo – Mubasher: The board of directors of Ghabbour Auto (GB Auto) provided a recommendation to the extraordinary general meeting (EGM) to retract its decision to merge with RG Investments (RGI).

The board also proposed cancelling all the effects resulting from the merger decision, including the approval of amendments to articles six and seven of the company’s articles of association, the company said in a statement to the Egyptian Exchange (EGX) on Thursday.

Shareholders are set to meet on Thursday, 26 March, to vote on the proposal.

It is noteworthy that during 2019, GB Auto’s net profits net profits dipped to EGP 223.55 million from EGP 672.3 million in 2018, including minority shareholders’ rights.