Cairo – Mubasher: GB Auto used EGP 10.45 million of the capital hike’s proceedings in the first half of 2016 for the two-and-three wheeler motorcycle factory, according to a bourse filing.
The remaining amount stands at 984.22 million, the bourse statement added.
The automotive assembler and distributor completed detailed studies over the motorcycle factory and presently holds talk with a number of partners to establish a tire factory, the bourse filing revealed.
Production capacity increased to 360,000 from 240,000 units, distributed over 240,000 Motorcycles and 120,000 tok-toks.
Earlier, the company raised its capital from EGP 135.34 million to EGP 1.1 billion, thus operating with EGP 1.09 billion, divided into 1.09 million shares at EGP 1 a share.
