Cairo – Mubasher: Ghabbour Auto (GB Auto) announced that one of its subsidiaries signed an agreement with foreign investment funds to start procedures for selling part of its stake in MNT Investments BV, representing 5% of the company’s shares.

The transaction, valued at EGP 352.677 million, will reduce GB Auto’s indirect stake in the Dutch firm to 57.26%, the company said in a bourse disclosure on Sunday.   

The deal will be completed once all parties fulfil their legal obligations.

During 2020, GB Auto logged net profits of EGP 1.11 billion, compared to EGP 223.55 million, including minority shareholders’ rights.