ArabFinance: Raya Holding for Financial Investments has received preliminary approval from the board of directors for the Raya Trade line of business to fully acquire two electronics retail companies, according to Raya Holding’s statement filed to the Egyptian Exchange.

Raya Holding has intended to acquire Itsalat International – Egypt (i2) and United Retail Company from Bahraini based DTR Distribution LLC.

The acquisition will be performed through Raya Holding’s subsidiaries, Raya Distribution and Raya Electronics.

The transaction is expected to be financed partially through debt and partially through equity subject to the approval of Raya Holding's board on a capital increase for Raya Distribution.

Last September, Raya Holding said it was considering listing the shares of Aman on the EGX during 2021.

Established in 1999 and listed on EGX in 2005, Raya Holding 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.

Copyright © 2020 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.