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GB Auto’s shareholders retract decision to merge with RGI

GB Auto’s shareholders retract decision to merge with RGI
GB Auto’s net profits dropped to EGP 223.55 million in 2019
GB Auto
AUTO
-0.97% 1.62 -0.02

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

The company’s shareholders also decided to cancel 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 Sunday.

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