{"id":549232,"date":"2022-09-08T04:00:40","date_gmt":"2022-09-08T04:00:40","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/08\/the-uaes-chimera-eyes-gb-autos-leasing-arm\/"},"modified":"2022-09-08T04:00:40","modified_gmt":"2022-09-08T04:00:40","slug":"the-uaes-chimera-eyes-gb-autos-leasing-arm","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/08\/the-uaes-chimera-eyes-gb-autos-leasing-arm\/","title":{"rendered":"The UAE\u2019s Chimera eyes GB Auto\u2019s leasing arm"},"content":{"rendered":"

<\/a> Chimera to take stake in GB Lease?<\/strong> GB Auto subsidiary GB Capital is in talks with our friends at Abu Dhabi-based investment firm Chimera Investments<\/a> to sell a 45% stake in its leasing arm, GB Lease, the EGX-listed automotive and finance player said yesterday in a regulatory filing (pdf)<\/a>. GB Auto\u2019s IR head, Marina Kamal, declined to provide further details on the transaction when we spoke yesterday, noting that it still requires the green light from the Financial Regulatory Authority (FRA). The folks at Chimera declined to speak on the record yesterday.<\/p>\n

Our friends at <\/strong>GB <\/strong>Capital have been <\/strong>mulling a <\/strong>partial selldown<\/a><\/strong> of its leasing business for <\/strong>over a year<\/strong>, during which time the company had received several non-binding offers from interested firms, Kamal said. Local media reports in March suggested that GB Auto was in talks to sell 100%<\/a> of the company to First Abu Dhabi Bank; GB Auto said at the time (pdf)<\/a> that it had not entered definitive agreements on a sale to any party.<\/p>\n

GB Auto wants to keep a majority stake\u2026<\/strong> The group has no intention of making a full exit from its leasing business given its profitability, but will use the proceeds from selling a minority stake to \u201cdeleverage the auto business and finance the further growth of GB Capital,\u201d Kamal said. GB Lease\u2019s revenues rose 6% y-o-y (+23% q-o-q) to EGP 152.1 mn in 2Q 2022, according to the company\u2019s latest earnings release (pdf)<\/a>.<\/p>\n

\u2026but is looking forward to working with Chimera, which has deep pockets backed by prominent UAE investors: <\/strong>\u201cWe look forward to working with the team at Chimera to further grow GB Lease and maintain its leadership position in the Egyptian market \u2014 as well as unlocking value for the entire group,\u201d Kamal said.<\/p>\n

Chimera\u2019s on an acquisition spree: <\/strong>The Abu Dhabi-based investment firm last month acquired a 56% stake in Beltone Financial<\/a> for around EGP 384.8 mn. Orascom Financial Holding sold all of its 259.1 mn shares<\/a> to Chimera at EGP 1.485 a piece.<\/p>\n

WATCH THIS SPACE- Mohamed Farid\u2019s first policy announcement after taking over FRA was a <\/strong>pledge to fast-track M&As<\/a><\/strong>, suggesting the former EGX boss is fully in tune with the business community on that front. Transactions of any form \u2014 let alone those involving a foreign investor \u2014 cannot be allowed to die because a regulator slow-walks them.<\/p>\n

Chimera, a part of the Royal Group in Abu Dhabi, is run by CEO Seif Fikry<\/strong> (LinkedIn<\/a>) an Egyptian veteran of the regional capital markets scene and founder of the region\u2019s first UCITS-compliant exchange-traded fund.<\/p>\n

Advisors: <\/strong>Arqaam Capital is acting as the sell-side advisors to GB Capital and Matouk Bassiouny & Hennawy are the sell-side legal advisors, while Adsero-Ragy Soliman and Partners are buy-side counsel.<\/p>\n

EDITOR\u2019S NOTE- This story was updated on 8 September, 2022 to include Adsero-Ragy Soliman and Partners as buy-side legal advisors.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Chimera to take stake in GB Lease? GB Auto subsidiary GB Capital is in talks with our friends at Abu Dhabi-based investment firm Chimera Investments to sell a 45% stake in its leasing arm, GB Lease, the EGX-listed automotive and finance player said yesterday in a regulatory filing (pdf). GB Auto\u2019s IR head, Marina Kamal, […]<\/p>\n","protected":false},"author":1,"featured_media":549233,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7363],"tags":[350,72,241,243,7128],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-549232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-chimera-investment","tag-enterpriseam","tag-gb-auto","tag-gb-lease","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"3d95db4f-30ad-4c19-be74-c430dc796d97","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/9\/159.jpg","photo_position":"above","related_issue":[549228],"teaser":"","voice_url":""},"yoast_head":"\nThe UAE\u2019s Chimera eyes GB Auto\u2019s leasing arm - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/08\/the-uaes-chimera-eyes-gb-autos-leasing-arm\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The UAE\u2019s Chimera eyes GB Auto\u2019s leasing arm\" \/>\n<meta property=\"og:description\" content=\"Chimera to take stake in GB Lease? GB Auto subsidiary GB Capital is in talks with our friends at Abu Dhabi-based investment firm Chimera Investments to sell a 45% stake in its leasing arm, GB Lease, the EGX-listed automotive and finance player said yesterday in a regulatory filing (pdf). GB Auto\u2019s IR head, Marina Kamal, […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/08\/the-uaes-chimera-eyes-gb-autos-leasing-arm\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-08T04:00:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/159.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/08\/the-uaes-chimera-eyes-gb-autos-leasing-arm\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/08\/the-uaes-chimera-eyes-gb-autos-leasing-arm\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"The UAE\u2019s Chimera eyes GB Auto\u2019s leasing arm\",\"datePublished\":\"2022-09-08T04:00:40+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/08\/the-uaes-chimera-eyes-gb-autos-leasing-arm\/\"},\"wordCount\":480,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/08\/the-uaes-chimera-eyes-gb-autos-leasing-arm\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/159.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Chimera Investment\",\"EnterpriseAM\",\"GB Auto\",\"GB Lease\",\"M&A Watch\"],\"articleSection\":[\"M&A WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/08\/the-uaes-chimera-eyes-gb-autos-leasing-arm\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/08\/the-uaes-chimera-eyes-gb-autos-leasing-arm\/\",\"name\":\"The UAE\u2019s Chimera eyes GB Auto\u2019s leasing arm - 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This comes two weeks after\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/357.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578230,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/abu-dhabis-chimera-investments-to-acquire-45-of-gb-lease\/","url_meta":{"origin":549232,"position":2},"title":"Abu Dhabi\u2019s Chimera Investments to acquire 45% of GB Lease","author":"enterpriseam admin","date":"20 December 2022","format":false,"excerpt":"Chimera to acquire 45% of GB Lease: GB Capital has agreed to sell a 45% stake in GB Lease to our friends at Abu Dhabi-based investment firm Chimera Investments for EGP 855 mn, parent company GB Auto said in an EGX disclosure (pdf) yesterday. GB Capital will retain the remaining\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/418.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550468,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/30\/mnt-agrees-to-sell-21-7-stake-to-chimera-investments\/","url_meta":{"origin":549232,"position":3},"title":"MNT agrees to sell 21.7% stake to Chimera Investments","author":"enterpriseam admin","date":"30 October 2022","format":false,"excerpt":"Chimera snaps up c.22% of MNT Investments: Netherlands-based MNT Investments \u2014 which is majority-owned by GB Auto subsidiary GB Capital \u2014 agreed to sell a 21.7% stake to a unit of Chimera Investments, GB Auto said in an EGX disclosure (pdf) on Thursday.The sellers: GB Auto is selling a 7.5%\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/370.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577379,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/21\/gb-auto-okays-mnt-stake-sale-after-accepting-fair-value-study\/","url_meta":{"origin":549232,"position":4},"title":"GB Auto okays MNT stake sale after accepting fair value study","author":"enterpriseam admin","date":"21 November 2022","format":false,"excerpt":"GB Auto approves MNT stake sale: GB Auto\u2019s board has greenlit plans to sell a 7.5% stake in MNT Investments to Abu Dhabi-based investment firm Chimera Investments after approving the results of a fair value study (pdf), it said in an EGX disclosure (pdf) yesterday.ICYMI- The Netherlands-incorporated fintech \u2014 majority-owned\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/319.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577989,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/12\/chimera-completes-acquisition-of-mnt-stake-from-gb-auto\/","url_meta":{"origin":549232,"position":5},"title":"Chimera completes acquisition of MNT stake from GB Auto","author":"enterpriseam admin","date":"12 December 2022","format":false,"excerpt":"CONSTRUCTION-Egypt-based Engineering Consultants Group (ECG) was awarded a contract to design a multi-purpose hall for Saudi mega city Neom, according to its website.COMMODITIES- Bidding in cooking complex tender wraps: Seven local and international companies bid in the Supply Ministry\u2019s tender for three new cooking oil complexes, Al Borsa reported Maj.\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/230.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549232","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=549232"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549232\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/549228"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/549233"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=549232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=549232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=549232"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=549232"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=549232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}