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Sunday, 11 April 2021

GB Auto subsidiary sells 5% stake in Mashroey, Tasaheel’s MNT Investments

GB Auto is selling down its indirect stake in Netherland-based subsidiary MNT Investments to unnamed foreign investors in a EGP 352.7 mn transaction, it said in a statement (pdf). Under an agreement with “certain foreign investment funds,” a GB subsidiary will sell a 5% stake in MNT Investments. The sale will bring GB Auto’s stake in MNT Investments down to 57.26%, and will be completed as soon as the companies involved “fulfil their legal obligations,” the statement said.

Who’s MNT? It's the parent company of asset-based lender Mashroey and microfinance player Tasaheel and is majority-owned by GB Auto’s financial services arm GB Capital. MNT also holds a stake in tuk-tuk ride sharing, delivery, and microfinance business Halan. Back in 2018, GB Capital brought Africa-focused PE firm Development Partners International on board as a partner in MNT through a 33%, USD 45 mn stake sale.

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