{"id":580147,"date":"2022-12-11T13:45:04","date_gmt":"2022-12-11T13:45:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/11\/this-evening-chimera-snaps-up-7-5-stake-in-mnt-from-gb-auto\/"},"modified":"2022-12-11T13:45:04","modified_gmt":"2022-12-11T13:45:04","slug":"this-evening-chimera-snaps-up-7-5-stake-in-mnt-from-gb-auto","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/11\/this-evening-chimera-snaps-up-7-5-stake-in-mnt-from-gb-auto\/","title":{"rendered":"THIS EVENING: Chimera snaps up 7.5% stake in MNT from GB Auto +"},"content":{"rendered":"<p><strong>Good afternoon, ladies and gents, and welcome to the start of a new week.<\/strong> It\u2019s a relatively calm news day so far today, but we expect things to kick into high gear in the days ahead.<\/p>\n<p><strong>THE BIG STORY TODAY<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>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 <a href=\"https:\/\/ent.news\/2022\/12\/GB-Auto-MNT-MA-December-11.pdf\">bourse disclosure (pdf)<\/a>. The GB Capital subsidiary now owns a 49.5% stake in the Netherlands-based payments company.<\/p>\n<p><strong>THE BIG STORY ABROAD<\/strong><\/p>\n<p><strong>There\u2019s no single story capturing the imagination of the international business press this <\/strong><strong>afternoon.<\/strong> Among the stories making headlines: China is buckling under the weight of covid-19 outbreaks after rolling back its restrictive covid-zero policies (<a href=\"https:\/\/www.reuters.com\/world\/china\/chinas-capital-swings-anger-over-zero-covid-coping-with-infections-2022-12-11\/\">Reuters<\/a> | <a href=\"https:\/\/www.cnbc.com\/2022\/12\/11\/china-expands-hospitals-and-icus-as-it-faces-covid-surge.html\">CNBC<\/a>); Saudi Arabia is expected to be the fastest-growing G20 economy this year after growing at an 8.8% clip in 3Q 2022 (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-11\/saudi-arabia-remains-on-track-to-be-fastest-growing-g-20-economy?srnd=premium-middle-east\">Bloomberg<\/a>); and consumer finance players in the US are increasingly squeezed by the US Federal Reserve\u2019s monetary tightening cycle (<a href=\"https:\/\/www.wsj.com\/articles\/fed-rate-increases-are-squeezing-consumer-finance-companies-11670712247\">Wall Street Journal<\/a>)<\/p>\n<hr class=\"grey-line\">\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>Deval drives inflation to five-year high:<\/strong> Urban annual inflation <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/947feb71-5cca-4d49-bc8c-b93d6d766016\">accelerated to 18.7%<\/a> in November, up from 16.2% in October \u2014 its highest level in nearly five years.<\/li>\n<li><strong>Vodacom is Vodafone Egypt\u2019s new majority shareholder:<\/strong> Vodafone Plc\u2019s South African subsidiary, Vodacom, has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5d9bc06d-68ff-484f-b563-c69b7917a5e2\">closed the acquisition<\/a> of its parent company\u2019s 55% stake in Vodafone Egypt.<\/li>\n<li><strong>FinMin extends e-invoicing registration deadline for the self-employed:<\/strong> Self-employed individuals \u2014 including doctors, pharmacists, and lawyers \u2014 now have until 30 April 2023 to register with the Tax Authority\u2019s e-invoicing system, after the Finance Ministry <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2bf798f1-37dd-4862-b1eb-536f8c97a47f\">extended the deadline<\/a> from next Thursday, 15 December.<\/li>\n<\/ul>\n<p class='web-image-inner'><img data-recalc-dims=\"1\" style='display: block' src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/Inside-Industry-en-WEB-1600x584-v5-03-1.jpg?ssl=1\" alt='enterprise'><\/p>\n<p><strong>*** It\u2019s Inside Industry day \u2014<\/strong> <strong>your weekly briefing of all things industrial in Egypt.<\/strong> Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.<\/p>\n<p><strong>In today\u2019s issue:<\/strong> Local gold prices surged to record highs last week, with 21 carat gold reaching EGP 1.8k for the first time ever, leading merchants to stop pricing the precious metal amid confusion about the price of USD, sending the market into a tailspin. We speak to industry professionals about why this has happened as well as larger problems the gold industry has faced in recent years.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p> <strong>Will we finally close an IMF facility this week?<\/strong> The IMF\u2019s executive board will discuss Egypt\u2019s request for a new extended fund facility on Friday, 16 December. Past precedent suggests the board will likely make a decision on the USD 3 bn, 46-month facility during the meeting. Egypt and the Fund reached <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/60dc5b0c-8c51-4c61-aa04-54e46a86a7c6\">a staff-level agreement<\/a> for a new loan program at the end of October.<\/p>\n<p><strong>The Egyptian Private Equity Association is hosting a healthcare summit tomorrow, 12 <\/strong>December at the Semiramis Intercontinental Cairo. The event will be held under the auspices of the finance and planning ministries. You can check out the <a href=\"https:\/\/ent.news\/2022\/12\/Healthcare-Summit-final.pdf\">agenda here (pdf)<\/a>.<\/p>\n<p><strong>Next week:<\/strong> The Central Bank of Egypt\u2019s Monetary Policy Committee meets on Thursday, 22 December to review interest rates.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- <\/strong>We\u2019re in for a partially cloudy day tomorrow with temperatures expected to rise to 25\u00b0C during the day before falling to 14\u00b0C at night, our favorite weather app tells us.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good afternoon, ladies and gents, and welcome to the start of a new week. It\u2019s a relatively calm news day so far today, but we expect things to kick into high gear in the days ahead. THE BIG STORY TODAY It\u2019s official- GB Auto has sold a 7.5% stake in MNT to Chimera. GB Auto [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":580148,"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":[7213],"tags":[2078,633,241,7128,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-580147","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-tonight","tag-chimera-investments","tag-enterprisepm","tag-gb-auto","tag-ma-watch","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"09e0a598-2cfc-481a-8057-47eee4c95203","order":"0","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2022\/12\/674.jpg","photo_position":"above","related_issue":[580145],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS EVENING: Chimera snaps up 7.5% stake in MNT 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\/11\/this-evening-chimera-snaps-up-7-5-stake-in-mnt-from-gb-auto\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: Chimera snaps up 7.5% stake in MNT from GB Auto +\" \/>\n<meta property=\"og:description\" content=\"Good afternoon, ladies and gents, and welcome to the start of a new week. It\u2019s a relatively calm news day so far today, but we expect things to kick into high gear in the days ahead. THE BIG STORY TODAY It\u2019s official- GB Auto has sold a 7.5% stake in MNT to Chimera. 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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 &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;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":580147,"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 &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;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":580147,"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 &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;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":578992,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/22\/gb-capital-sells-a-45-stake-in-gb-lease-to-chimera-investments\/","url_meta":{"origin":580147,"position":3},"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 &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;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":577989,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/12\/chimera-completes-acquisition-of-mnt-stake-from-gb-auto\/","url_meta":{"origin":580147,"position":4},"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 &quot;Also on our Radar&quot;","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":[]},{"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":580147,"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 &quot;M&amp;A WATCH&quot;","block_context":{"text":"M&amp;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\/580147","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=580147"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/580147\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/580145"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/580148"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=580147"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=580147"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=580147"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=580147"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=580147"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}