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GB Auto and its Subsidiaries (S.A.E)
Notes to the Consolidated Financial Statements
For the year ended 31 December 2012
(In the notes all amounts are shown in thousand Egyptian pounds unless otherwise stated)
77
GB Auto
•
2012 ANNUAL REPORT
increase was concluded on 9 July 2007.
The following is a list of all the details of the public subscription and private offering:
a. Public subscription
The public subscription was opened on 22 June 2007 and closed at the end of the working day of 2 July 2007. The offered shares are
7.5 million shares with total amount of EGP 277,500,000 and the subscription was received in 29,703,533 shares with a total amount
of EGP 1,099,030,721 (only one billion ninety-nine million thirty thousand seven hundred twenty one). The percentage of coverage
approximately reached 3.96 times from the number of shares offered for subscription.
The first allocation was done by offering each subscriber 150 shares and the second allocation on the basis of the residual amount
of shares subscribed (after deducting 150 shares) to the total shares subscribed after deducting the total shares that were allocated
through the first allocation.
In the allocation, fractions of the shares were rounded up in favor of investors with smaller subscription amounts. The second al-
location rate reached the value of 20.33%.
b. Private placement
16,712,356 (only sixteen million seven hundred twelve thousand three hundred fifty six) shares are subscribed at a total value of EGP
618,357,172 (nine hundred eighteen millions three hundred fifty seven thousands one hundred seventy two) and at a subscription
price of EGP 37 per share.
c. Private placement (shareholders of Cairo Individual Transport Industries Co. “CITI”)
5,675,306 shares (only five million six hundred seventy five thousand three hundred six) are subscribed at a total of EGP 209,997,468
(only two hundred nine millions nine hundred ninety seven four hundred ninety eight) and at price of EGP 37 per share.
d. Private placement (Almora Resources)
3,275,040 shares (only three million two hundred seventy five thousand forty) are subscribed at a total value of EGP 103,000,000
(only one hundred and three millions) and at a price of EGP 31.45 (only thirty one pound forty five) per share.
24. Payment under capital increase
According to the Extraordinary General Assembly meeting decision held on 30 March 2009, the Managing Director reward for his ser-
vices to the company during the past two years the number of 2,257,500 shares of the Company’s capital shares with vesting for disposal
for a period of 3 years meanwhile he has the right in the unvested period to obtain the dividends and the voting rights for these shares, the
balance of payments under capital increase above represents the par value of these shares and paid by the Company. The company is tak-
ing the action to having the approval of the Capital Market Authority for the issuance of these shares.
25. Shares held by the Group
Shares held by the Group represents the ownership of 3,275,040 shares at the par value of EGP 3,275 thousands in GB Auto Company
Capital which is acquired by Almora resources Company one of the Group subsidiaries which is 100% owned by the Group.
The acquisition cost of these shares amounted to EGP 103,000 thousands. The share premium has been reduced by the difference between
the acquisition cost and the par value of shares amounted to EGP 99,725 thousands.