Region’s leading automotive assembler and distributor signs $20m trade finance facility

GB Auto S.A.E., the leading automotive assembler and distributor in the Middle East and North Africa, has secured a $20m structured trade finance credit facility from J.P. Morgan, a leading global financial services firm. GB Auto will use the facility for trade finance purposes as it continues with its plans to grow the lucrative Egyptian market while pursuing promising opportunities throughout the MENA region.

Dr. Raouf Ghabbour, Chief Executive Officer of GB Auto, said 'We are delighted to be a client of J.P. Morgan's Treasury Services business and to be among the first Egyptian companies to close such a facility with them.'

Based in Cairo, GB Auto has regional reach and is the largest Egyptian automotive supplier by sales revenue, market share, and production capacity. GB Auto is the holding company for a uniquely diversified group of subsidiaries whose interests include the assembly import and distribution of passenger cars under the Hyundai brand, the distribution of imported and locally assembled commercial vehicles (buses, trucks and trailers) under the Volvo, Mitsubishi, Hyundai and Ghabbour brands, as well as retail sales of two- and three-wheelers under Bajaj, the leading global name in three-wheelers.

The company also offers a full line of global brand-name construction equipment and operates Egypt's largest network of automotive sales and service centers, with six after-sales centers dedicated to passenger cars and six dedicated to commercial vehicles.

News of GB Auto closing the debt facility came just one month after the Egyptian Exchange-traded company announced it had launched a GDR program to help more global investors gain exposure to its shares.

Source: http://www.ameinfo.com