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GB Auto and its subsidiaries (S.A.E.)
Notes to the consolidated financial statements For the financial Year ended December 31, 2014
(In the notes all amounts are shown in Thousand Egyptian Pounds unless otherwise stated)
The following is the details of the public subscription and private placement:
a. Public subscription
The public subscription was opened on 2 July 2007 and closed at the end of the working day of 22 September 2007.
The shares have 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 EGP). 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 by the subscriber (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 the favor of investors with smaller subscription
amounts. The second allocation rate reached the value of 20.33%.
b. Private placement
16 712 356 shares (only sixteen million seven hundred twelve thousand three hundred fifty six shares) are sub-
scribed at a total value of EGP 618 357 172 (Only six hundred eighteen millions three hundred fifty seven thousands
one hundred seventy two EGP) and at a subscription price of EGP 37 per share. (Thirty seven EGP 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 sixty eight EGP) and at
price of EGP 37 per share. (Thirty seven EGP per share).
d. Private placement (Almora Resources)
3 275 040 shares (only three million two hundred seventy five thousand forty shares) are subscribed at a total value
of EGP 103 000 000 (only one hundred and three millions EGP) and at a price of EGP 31.45 (only thirty one pound
forty five piasters EGP/share).
At the date of August 31, 2014, the Board of Directors according to the delegation of the extra ordinary assembly
meeting held on March 27, 201, has decided unanimously to increase the Company’s issued capital with the par
value in the limit of the authorized capital with an amount of EGP 6 444 645 divided on 6 444 645 shares with a
par value of 1 EGP /share, wholly allocated to ESOP system which is applied by the company, resulted in an issued
capital of EGP 135 337 545 after the increase divided on 135 337 545 shares with a par value of 1 EGP/share, and
this increase financially fully paid from the special reserve balance and annotated in the commercial register at
December 31, 2014.
At the date of February 4, 2015, the extra ordinary general assembly meeting, has agreed to increase the company’s
authorized capital from 400 million EGP to 5 billion EGP and to increase the company’s issued capital from EGP
135 337 545 to be EGP 1 095 337 545 divided on 1 095 337 545 shares with a par value of 1 EGP each.(In additional
to issuance cost of 1 pts./share), with an increase of EGP 960 million, and that increase to be fully allocated for the
favor of old shareholders each according to his share in the company’s issued capital , and it is agreed to use the
subscription right separately from the original share, with the company’s issued capital increase to be paid either
cash and/or using due cash debts for the subscribed by the company according to his contribution share.
23. Shares of the Company held by the Group
Shares of the Company held by the Group represented in the shares owned by one of the Company’s of the Group amounted to
3 275 040 shares at the par value of EGP 3 275 thousand 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 dif-
ference between the acquisition cost and the par value transferred to special reserve amounted to EGP 99 725 thousands.
Ghabbour Auto | 2014 ANNUAL REPORT
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