{"id":580488,"date":"2023-01-02T13:20:16","date_gmt":"2023-01-02T13:20:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/02\/this-evening-gb-lease-stake-sale-to-chimera-gets-gb-auto-board-signoff-misr-italia-closes-fresh-securitized-bond-issuance\/"},"modified":"2023-01-02T13:20:16","modified_gmt":"2023-01-02T13:20:16","slug":"this-evening-gb-lease-stake-sale-to-chimera-gets-gb-auto-board-signoff-misr-italia-closes-fresh-securitized-bond-issuance","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/02\/this-evening-gb-lease-stake-sale-to-chimera-gets-gb-auto-board-signoff-misr-italia-closes-fresh-securitized-bond-issuance\/","title":{"rendered":"THIS EVENING: GB Lease stake sale to Chimera gets GB Auto board signoff + Misr Italia closes fresh securitized bond issuance"},"content":{"rendered":"<p><strong>Good afternoon, ladies and gents.<\/strong> We\u2019re just easing back into the flow of things on the first workday of the new year (and training our brains to write the correct year), but the news cycle here at home is already off to a strong start.<\/p>\n<p><strong>THE BIG STORIES TODAY<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>GB Auto approves GB Lease stake sale: <\/strong>GB Auto\u2019s board has approved plans to sell a 45% stake in GB Lease to Abu Dhabi-based investment firm Chimera Investments for EGP 855 mn after approving the results of the <a href=\"https:\/\/ent.news\/2023\/1\/GB-Auto-Fair-value-study.pdf\">fair value study (pdf)<\/a>, GB Auto said in an <a href=\"https:\/\/ent.news\/2023\/1\/GB-Auto-board-MA-02-01-2022.pdf\">EGX disclosure (pdf)<\/a>.<\/p>\n<p><strong>#2- Misr Italia Properties has closed its second EGP 986 mn issuance as part of its <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/32ba4863-0863-403d-85e7-9732b18499b6\">EGP<\/a><\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/32ba4863-0863-403d-85e7-9732b18499b6\">2.5 bn securitization program<\/a><\/strong>, EFG Hermes, which advised the real estate developer on the transaction, said in a <a href=\"https:\/\/ent.news\/2023\/1\/EFG-Hermes-Misr-Italia-Securitization-Second-Issuance-English.pdf\">statement (pdf)<\/a>. The issuance is backed by a receivables portfolio of around EGP 1 bn from two of Misr Italia\u2019s subsidiaries.<\/p>\n<p><strong>THE BIG STORY ABROAD<\/strong><\/p>\n<p><strong>The international business press is still shaking off the new year daze, with no story<\/strong><strong> driving the conversation.<\/strong> Among the headlines: Ukraine is shooting down drones launched by Russia in the third consecutive day of attacks from Moscow (<a href=\"https:\/\/www.reuters.com\/world\/europe\/defiant-ukrainians-cheer-new-year-drones-blasted-skies-2023-01-01\/\">Reuters<\/a>); economists at major US banks are penciling in a recession this year or next (<a href=\"https:\/\/www.wsj.com\/articles\/big-banks-predict-recession-fed-pivot-in-2023-11672618563?mod=hp_lead_pos7\">Wall Street Journal<\/a>); retail investors are piling into commodities trading on the back of \u201cbumper returns\u201d (<a href=\"https:\/\/www.ft.com\/content\/9b536b78-40a2-4364-b43f-0afade95c008\">Financial Times<\/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>Importers can now turn the page on L\/Cs:<\/strong> The Central Bank of Egypt (CBE) announced Thursday that it had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d041e1e1-1f9c-4271-8391-d6c3b10e965f\">lifted the requirement<\/a> to use letters of credit to finance imports in an effort to clear a longstanding backlog of imports.<\/li>\n<li><strong>New year, new private-sector minimum wage:<\/strong> The National Council for Wages <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0c84782e-118f-43c4-8a65-46d54cdbe3c1\">has raised<\/a> the minimum wage for private-sector workers by 12.5% to EGP 2.7k per month amid soaring inflation.<\/li>\n<li><strong>The EGX dethrones the ADX as the region\u2019s best-performing stock market:<\/strong> The EGX was the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bc48ea1e-20e9-4394-9c08-70c896b45556\">best-performing stock market<\/a> in the Middle East in 2022 thanks to a bull run in 4Q sparked by the IMF agreement that erased losses.<\/li>\n<\/ul>\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>The EGX will be <\/strong><strong><a href=\"https:\/\/ent.news\/2022\/12\/Screen-Shot-2022-12-27-at-3.27.08-PM.png\">trialing an update (pdf)<\/a><\/strong><strong> to its trading platform on Wednesday, 4 January <\/strong><strong>and <\/strong><strong>Thursday, 5 January <\/strong>from 3pm to 4:30pm. The update includes changes to the way stocks\u2019 daily closing price is calculated and approved.<\/p>\n<p><strong>The Egyptian-Qatari Business Forum will launch during 1Q 2023<\/strong>, sources reportedly told <a href=\"https:\/\/english.mubasher.info\/news\/4049694\/Egypt-agrees-to-launch-Egyptian-Qatari-Business-Forum-early-next-year-Sources\/\">Mubasher<\/a> last month.<\/p>\n<p><strong>This could coincide with new investments from Qatari firms:<\/strong> The Sovereign Fund of Egypt is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1e351103-d10e-4b79-8188-671a8f6aee8c\">expecting more investments<\/a> from the Qatari Investment Authority (QIA) early next year. The wealth fund is currently doing due diligence and finalizing agreements to purchase as much as <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/23c6426c-0b5d-4302-aeb2-74226e86a276\">USD 2.5 bn worth of state-held stakes<\/a> in unlisted companies.<\/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>2023 is off to a sunny start with temperatures in Cairo expected to hit 21\u00b0C tomorrow during the day before falling to 12\u00b0C at night, our favorite weather app tells us.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good afternoon, ladies and gents. We\u2019re just easing back into the flow of things on the first workday of the new year (and training our brains to write the correct year), but the news cycle here at home is already off to a strong start. THE BIG STORIES TODAY GB Auto approves GB Lease stake [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":580489,"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":[633,243,987,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-580488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-tonight","tag-enterprisepm","tag-gb-lease","tag-misr-italia-properties","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"ee854d64-ac66-4267-aa72-d4f22003cb84","order":"0","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/1\/578.jpg","photo_position":"above","related_issue":[580486],"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: GB Lease stake sale to Chimera gets GB Auto board signoff + Misr Italia closes fresh securitized bond issuance - 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\/2023\/01\/02\/this-evening-gb-lease-stake-sale-to-chimera-gets-gb-auto-board-signoff-misr-italia-closes-fresh-securitized-bond-issuance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: GB Lease stake sale to Chimera gets GB Auto board signoff + Misr Italia closes fresh securitized bond issuance\" \/>\n<meta property=\"og:description\" content=\"Good afternoon, ladies and gents. We\u2019re just easing back into the flow of things on the first workday of the new year (and training our brains to write the correct year), but the news cycle here at home is already off to a strong start. 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We\u2019re just easing back into the flow of things on the first workday of the new year (and training our brains to write the correct year), but the news cycle here at home is already off to a strong start. 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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":578230,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/20\/abu-dhabis-chimera-investments-to-acquire-45-of-gb-lease\/","url_meta":{"origin":580488,"position":1},"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":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":580488,"position":2},"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":[]},{"id":549232,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/08\/the-uaes-chimera-eyes-gb-autos-leasing-arm\/","url_meta":{"origin":580488,"position":3},"title":"The UAE\u2019s Chimera eyes GB Auto\u2019s leasing arm","author":"enterpriseam admin","date":"8 September 2022","format":false,"excerpt":"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\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\/9\/159.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":580307,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/19\/this-evening-chimera-is-acquiring-45-of-gb-lease-twitter-users-really-dont-want-musk-to-stick-around\/","url_meta":{"origin":580488,"position":4},"title":"THIS EVENING: Chimera is acquiring 45% of GB Lease + Twitter users really don\u2019t want Musk to stick around","author":"enterpriseam admin","date":"19 December 2022","format":false,"excerpt":"Good afternoon, friends. It appears we\u2019re still some ways away from that end-of-year news slowdown, even though the number of OOO auto-responders we\u2019re getting in our inbox keeps rising by the day.*** Would the real Enterprise Fantasy World Cup winner please stand up? We\u2019re ready to announce the top finisher\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/742.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578674,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/10\/gb-lease-issues-egp-1-7-bn-in-securitized-bonds\/","url_meta":{"origin":580488,"position":5},"title":"GB Lease issues EGP 1.7 bn in securitized bonds","author":"enterpriseam admin","date":"10 January 2023","format":false,"excerpt":"GB Auto subsidiary GB Lease has closed an EGP 1.7 bn securitized bond issuance, according to a joint statement (pdf) by Al Ahly Pharos and CIB. The two institutions were joint financial advisors on the transaction alongside the National Bank of Egypt (NBE).The details: The three-tranche issuance is backed by\u2026","rel":"","context":"In &quot;Debt&quot;","block_context":{"text":"Debt","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/debt\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/142.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\/580488","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=580488"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/580488\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/580486"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/580489"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=580488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=580488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=580488"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=580488"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=580488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}