GB Auto denies receiving approval for land for tire factory; plans to build a USD60mn motorcycle plant
GB Auto (AUTO.CA) denied receiving the approval for a land to build a tire factory in Suez Canal economic zone, according to a statement sent to the EGX. The company added that negotiations for a land parcel to establish a USD60mn motorcycle factory are ongoing. (Company disclosure) GB Auto: EGP3.09 as of 14 Dec, Rating: Buy, TP: EGP3.80/share, MCap: USD181mn, AUTO EY / AUTO.CA
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