PHOTO
Arab Finance: Raya Holding for Financial Investments has completed the transfer of ownership of its entire shareholding in Ostool Land Transportation S.A.E. to one of Asek Company for Mining's (Ascom) subsidiaries, as per a disclosure.
Last month, the board of Ascom agreed to acquire 90% of Ostool Transport’s shares in exchange for EGP 641 million, equivalent to EGP 8.224 per share.
The members unanimously approved the fair value (FV) study of Ostool’s share price submitted by Financial Advice Corporate Transactions (FACT), which estimated the transaction at EGP 6.253 per share.
Separately, Raya Information Technology, a wholly owned portfolio company of Raya Holding for Financial Investments, has appointed Marwa Abbas as its CEO, effective July 1st, 2026.
Abbas brings more than 30 years of experience in the information technology sector. Throughout her career, she held several senior leadership positions at IBM across Egypt, the Middle East, and Africa, most recently serving as General Manager and Technology Leader for IBM Egypt and North East Africa.
The appointment aligns with Raya Group's strategy to support its growth plans, strengthen Raya Information Technology's regional expansion, and reinforce its position in the technology and digital transformation sectors.
Meanwhile, Hisham Abdel Rasoul will continue to support Raya Information Technology during a transition period extending through the end of December 2026.
