Cairo – Mubasher: Ghabbour Auto (GB Auto) used EGP142.97 million worth of proceeds of the capital raise subscription amounting to EGP 958.67 million listed in June 2015 till December 2019.
The proceeds were used to finance the payment of consultancy and technical fees, along with the purchase of equipment and machinery, the company said in a bourse statement on Monday.
The remaining amount of the proceeds stands at EGP 815.7 million.
It is worth mentioning that in 2019, GB Auto logged net profits of EGP 223.55 million, down from EGP 672.3 million in 2018, including minority shareholders’ rights.
