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Monday, 21 March 2022

FAB eyes GB Lease takeover

First Abu Dhabi Bank (FAB) is in advanced talks with GB Auto to acquire 100% of its leasing arm GB Lease, Al Shorouk reported Saturday, citing sources familiar with the discussions. The two sides have not yet settled on a valuation but an agreement is supposed to be finalized some time during 2H 2022, the sources claimed.

No agreement yet: GB Auto has not entered any “definitive agreements” on a stake sale in subsidiary GB Lease, it said in an EGX disclosure (pdf) yesterday.

FAB on a buying spree: The Gulf lender recently made an offer to buy a majority stake in leading frontier emerging markets financial services corporation EFG Hermes as part of its wider plans for regional expansion.


Palm Hills Developments (PHD) has upped its stake in Incolease for the second this month, purchasing a 5.76% stake in the company for EGP 47 mn, according to an EGX disclosure (pdf). The company now owns 15.36% of Incolease after it bought more than 1.1 mn shares at EGP 41 apiece. The transaction comes less than two weeks after PHD purchased a 7.97% stake in the company for EGP 65.4 mn. El Tarek Automotive also acquired a 23% stake in Incolease in an EGP 189 mn transaction earlier this month.

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