Cairo – Mubasher: Ghabbour Auto (GB Auto) announced that its fully-owned non-banking financial arm GB Capital acquired 20% of New City Housing & Development, formerly known as Orascom Housing Communities (OHC).
The EGP 73 million deal will “provide competitive products adequate to the consumer’s purchasing power,” GB Auto said in a bourse disclosure on Monday.
During the first nine months of 2020, GB Auto achieved net profits of EGP 794.77 million, up from EGP 174.07 million in the same period in 2019, including minority shareholders’ rights.
