Egypt's GB Auto says plans $134 mln rights issue

GB Auto, Egypt's largest listed automotive assembler and distributor, said on Monday it was seeking regulatory approval for a share issue worth 960 million Egyptian pounds ($134.23 million) to raise its capital and fund growth.

The rights issue would increase GB Auto's capital to 1.1 billion pounds, the company said in a statement.

"Proceeds from the capital raising would be used to fuel the company's drive to capture what management believes are outstanding opportunities in its home market of Egypt," it said.

"GB Auto also remains watchful for compelling opportunities on a regional basis."