Chimera Investments is planning to acquire a 45 percent share of GB Lease, which is owned by GB Capital for Financial Investment, for EGP 855 million which accounts for almost $34.6 million.
The EGX disclosure states that GB Capital will remain the majority shareholder of GB Lease having 55 percent of the shares. It also states that the transaction is conditional on the approval of GB Auto’s Board of Directors.
The company has assigned Baker Tilly as an independent financial assessment advisor to determine the fair value of GB Lease’s shares, the disclosure said.
The two companies have been in talks since September and Chimera Investments’ Chimprop 2 Investments acquired a 22% stake in MNT Investments, a GB Auto subsidiary which is owned by GB Capital, earlier this year.
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