{"id":577989,"date":"2022-12-12T04:00:42","date_gmt":"2022-12-12T04:00:42","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/12\/chimera-completes-acquisition-of-mnt-stake-from-gb-auto\/"},"modified":"2022-12-12T04:00:42","modified_gmt":"2022-12-12T04:00:42","slug":"chimera-completes-acquisition-of-mnt-stake-from-gb-auto","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/12\/chimera-completes-acquisition-of-mnt-stake-from-gb-auto\/","title":{"rendered":"Chimera completes acquisition of MNT stake from GB Auto"},"content":{"rendered":"

<\/a> CONSTRUCTION-<\/strong><\/p>\n

Egypt-based Engineering Consultants Group<\/a><\/strong> (ECG) was awarded a contract to design a multi-purpose hall for Saudi mega city Neom, according to its website<\/a>.<\/p>\n

COMMODITIES- <\/strong><\/p>\n

Bidding in cooking complex tender wraps: <\/strong>Seven local and international companies bid in the Supply Ministry\u2019s tender for three new cooking oil complexes<\/a>, Al Borsa<\/a> reported Maj. Gen. Ahmed Hassanien, chair of the state-owned Holding Company for Food Industries, as saying yesterday. The ministry expects to award contracts within the next month for the three complexes in Alexandria, Sohag, and Sadat City, which are worth a combined USD 321 mn.<\/p>\n

ICYMI- We took a deep dive on <\/strong>the push to localize vegetable oil production<\/a><\/strong> in our weekly Inside Industry vertical.<\/p>\n

DEFENSE-<\/strong><\/p>\n

French defense giant Thales could cooperate with military companies:<\/strong> President Abdel Fattah El Sisi held talks with Thales CEO and chairman Patrice Caine yesterday over possible cooperation with two companies owned by the Egyptian military, according to an Ittihadiya statement<\/a> out yesterday.<\/p>\n

INVESTMENT- <\/strong><\/p>\n

Global tyre manufacturer <\/strong>Prometeon Tyre<\/a><\/strong> will invest EUR 30 mn to upgrade its <\/strong>factory in Alexandria<\/strong>, it said in a statement (pdf)<\/a> on Sunday. The money will raise production at the factory, the statement said, without providing a figure. It currently has an annual production capacity of 1.1 mn tyres. The company said that a separate EUR 25 mn has already been partly invested in R&D in Turkey, Italy and Egypt, but didn\u2019t disclose how much was allocated to Egypt.<\/p>\n

Two mn sqm of land is on offer to industrial investors:<\/strong> The Industrial Development Authority (IDA) has launched the fourth phase of an online industrial investment map offering more than 1k land plots to local and foreign investors, it said in a statement<\/a> yesterday. Bidders can take out the tender conditions booklet for the plots starting Thursday 15 December until Tuesday 10 January, the IDA said, adding it would continue receiving bids until Sunday 15 January.<\/p>\n

M&A WATCH-<\/strong><\/p>\n

It\u2019s official- GB Auto has sold a 7.5% stake in MNT to Chimera: <\/strong>GB Auto has finalized the sale of a 7.5% stake in MNT Investments to Abu Dhabi-based investment firm Chimera Investments, GB Auto said in a bourse disclosure (pdf)<\/a>. The GB Capital subsidiary now owns a 49.5% stake in the Netherlands-based payments company.<\/p>\n

ICYMI- <\/strong>GB Auto\u2019s board in November greenlit the sale to Chimera for USD 60 mn with an earnout component<\/a> that could reach USD 71.3 mn \u2014 around a 15.6% premium to a fair value study that valued the company at c. EGP 17 bn. The sale is part of a larger transaction that will see Chimera acquire a 21.7% stake in MNT, with the remaining 14.2% being sold by other unnamed investors in MNT.<\/p>\n

TRADE-<\/strong><\/p>\n

Dubai International Chamber<\/a><\/strong> has opened a representative office in Cairo<\/strong> to bolster trade between the two countries, it said in a statement (pdf)<\/a> yesterday. The strategic move comes as part of the Dubai Global initiative launched over the summer by the emirate to lure FDIs and new trade opportunities.<\/p>\n","protected":false},"excerpt":{"rendered":"

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. Gen. Ahmed Hassanien, […]<\/p>\n","protected":false},"author":1,"featured_media":577990,"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":[7209],"tags":[111,350,317,130,72,241,7111,125,7128,10519,6444,132,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577989","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-chimera-investment","tag-commodities","tag-construction","tag-enterpriseam","tag-gb-auto","tag-infrastructure","tag-investment-watch","tag-ma-watch","tag-mnt","tag-promotion-tyre","tag-trade","tag-uae","wpautop","entry"],"acf":{"mongo_id":"62633330-583e-48e5-aa0e-388dfee91e7d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/12\/230.jpg","photo_position":"above","related_issue":[577967],"teaser":"","voice_url":""},"yoast_head":"\nChimera completes acquisition of MNT stake from GB Auto - 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\/12\/12\/chimera-completes-acquisition-of-mnt-stake-from-gb-auto\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chimera completes acquisition of MNT stake from GB Auto\" \/>\n<meta property=\"og:description\" content=\"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. 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\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":577989,"position":1},"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":578230,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/abu-dhabis-chimera-investments-to-acquire-45-of-gb-lease\/","url_meta":{"origin":577989,"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":579327,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/02\/mnt-halan-on-its-way-to-unicorn-status-with-major-chimera-investment\/","url_meta":{"origin":577989,"position":3},"title":"MNT-Halan on its way to unicorn status with major Chimera investment","author":"enterpriseam admin","date":"2 February 2023","format":false,"excerpt":"IFC is also intending to invest USD 40 mn in MNT-Halan","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\/2\/35.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578992,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/22\/gb-capital-sells-a-45-stake-in-gb-lease-to-chimera-investments\/","url_meta":{"origin":577989,"position":4},"title":"GB Capital sells a 45% stake in GB Lease to Chimera Investments","author":"enterpriseam admin","date":"22 January 2023","format":false,"excerpt":"It\u2019s official: Chimera to acquire 45% of GB Lease: GB Capital has finalized an agreement to indirectly sell 45% of its leasing business, GB Lease, to our friends at Chimera Investments for EGP 855 mn, parent company GB Auto said in an EGX disclosure(pdf) Thursday. 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":578516,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/03\/gb-auto-agrees-to-sell-45-of-its-leasing-business-to-chimera-investments\/","url_meta":{"origin":577989,"position":5},"title":"GB Auto agrees to sell 45% of its leasing business to Chimera Investments","author":"enterpriseam admin","date":"3 January 2023","format":false,"excerpt":"GB Auto approves GB Lease stake sale: GB Auto\u2019s board has approved plans to sell a 45% stake in GB Lease to our friends at Abu Dhabi-based investment firm Chimera Investments for EGP 855 mn, after approving the results of a fair value study (pdf), the company said in an\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\/35.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\/577989","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=577989"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/577989\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/577967"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/577990"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=577989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=577989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=577989"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=577989"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=577989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}