Back to the complete issue
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.

IN OTHER M&A NEWS-

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.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.