Ghabbour private placement 7 times oversubscribed

CAIRO: A private placement of shares in Egyptian auto company Ghabbour Auto has been seven times oversubscribed two working days before it closes, a stock exchange statement said on Thursday. Brokerage firm Beltone, which is managing the offering, said 25.6 million shares were being offered at LE 37 ($6.50) per share and that people had sent in applications for around 179.6 million shares. Ghabbour Auto is also offering 7.5 million shares in a public offering. It previously said 3.5 million of these shares would be set aside to finance the stability of the share price after the initial public offering. The stock exchange said the price of the public offering would also be LE 37 per share. Subscription to the new stock closes on July 2. The company assembles and distributes passenger cars and manufactures commercial vehicles. It also distributes motorcycles and scooters.