ArabFinance: The Cairo Economic Court dropped a criminal case filed by the Financial Regulatory Authority (FRA) against Raya Holding for Financial Investments after the latter paid a fine of EGP 11 million, according to Al Borsa news website.

In 2018, FRA imposed a fine worth EGP 11 million on Raya after its Chairman Medhat Khalil crossed the ownership threshold that would require him to mount a mandatory tender offer for 100% of the company.

Raya posted a consolidated net loss before minority interest stood of EGP 66,378,683 in the January-September period of 2020, a 36% decline from EGP 103,089,502 incurred in the prior-year period.

Established in 1999 and listed on EGX in 2005, Raya operates within the software and services sector, focusing on information technology consulting and other services. It has subsidiaries operating across North America, the British Islands, Northern Africa, Western Africa, and the Middle East.

 

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