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Bavarian Auto Group denies takeover, conducts structural changes - Daily News Egypt

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Bavarian Auto Group denies takeover, conducts structural changes

New BMW X6 model has become available on local market for EGP 2m


The Bavarian Auto Group remains under the same leadership, and is committed to providing its customers with the full range of services, according to the Group Chairperson, Farid El Tobgui.

Whilst highlighting that the group is also still providing all logistical services nationwide, El Tobgui also denied rumours that the company has been sold to an Arab investor. His remarks came during the launch of the new BMW X6 model.

El Tobgui also emphasised that there are indeed takeover negotiations ongoing, although no further details will be available until they have been completed.

Bavarian Auto Group Marketing Director, Yehia Eid al-Quddus, confirmed the remarks, and noted that the group is keen on transparency. He added that, in the event any new information does become available, it will be announced as soon as possible.

Tarek Fahim, a legal representative for the company, has denied reports of any dispute between the company and the Egyptian Tax Authority (ETA). He also indicated that there are no tax arrears or pending cases against the company.

Meanwhile, BMW Sales Director Mohamed Haridi explained that the new BMW X6 model has become available on the market at a cost of EGP 2m, which is a suitable and competitive price for this type of car.

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https://dailyfeed.dailynewsegypt.com/2020/09/10/bavarian-auto-group-denies-takeover-conducts-structural-changes/
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