GB Auto receives approval for land for tire factory in Suez Canal economic zone
GB Auto (AUTO.CA) announced that it has received preliminary approval for a land plot in the Suez Canal economic zone where the company plans to build its new tire factory. According to Chief Investment Officer Menna Sadek, the company will start construction works at the factory in 1Q17 for a total investment cost of USD60mn. The tire factory is expected to start operations in 1Q18. (Al Borsa) GB Auto: EGP3.00 as of 13 Dec 2016, Rating: Buy, TP: EGP3.80/share, MCap: USD178mn, AUTO EY / AUTO.CA
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