Cairo – Mubasher: Ghabbour Auto (GB Auto) announced it has used EGP 101 million of the capital increase proceeds at the end of December 2017 to settle technical and advisory fees and buy some equipment.
The remaining proceeds amount to around EGP 857.64 million out of total EGP 958.67 million, GB Auto said in a filing to the Egyptian Exchange (EGX).
GB Auto indicated it has closed negotiations over required contracts to establish a two- and three-wheel motorcycles factory with a production capacity of 360,000 units per annum.
Production from the new facility is projected to commence in the fourth quarter of 2018, according to the filing.
GB Auto’s capital amounts to EGP 960 million distributed over 1.09 billion shares at a par value of EGP 1 per share in Q4-17.
