Cairo – Mubasher: GB Auto’s shares dropped on Thursday to their lowest level in two-and-a-half months (since 6 December) after the company announced selling 26.5 million treasury stocks.
The company’s stock fell 3.86% to EGP 2.99 by 12:00pm Cairo time, with turnover reaching EGP 4.48 million.
Earlier on Thursday, GB Auto announced starting the sale of 26.5 million treasury stocks, representing 2.4% of its capital, from 23 February until 23 March, according to a bourse statement.
The offered stocks are owned by Almora Resources, a fully owned subsidiary of GB Auto, the company revealed, adding that it set the stock price at EGP 2.9.
