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.
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