Cairo - Mubasher: NR Investments has acquired a 12.3% stake in Ghabbour Auto (GB Auto), according to a bourse filing.
The company said in a statement to the Egyptian Exchange (EGX) on Wednesday that the deal was held over 135.42 million shares, with a total turnover of EGP 362.9 million, at a price of EGP 2.68 per share.
These shares were sold by board member Nader Ghabbour, who has now reduced his stake in the company from 12.57% to 0.196% of the company’s capital.
The EGX said Tuesday that the transaction was carried out through the tools of block trade.
GB Auto turned to losses in 2016, recording annual losses of EGP 989.8 million, against a net profit of EGP 191.5 million in the year before.
