Egypt Raya Holding’s units acquire i2, URC

An agreement was signed for the purchase of 99.95% of Itsalat International – Egypt

  
Image used for illustrative purpose only. Traders work at the Egyptian stock exchange in Cairo, May 28, 2015.

Image used for illustrative purpose only. Traders work at the Egyptian stock exchange in Cairo, May 28, 2015.

REUTERS/Mohamed Abd El Ghany
Cairo –  Raya Holding for Financial Investments announced that its subsidiaries Raya Distribution and Raya Electronics acquired two retail companies.

An agreement was signed for the purchase of 936,300 shares or 99.95% of Itsalat International – Egypt (i2) in consideration of EGP 106.9 per share as well as the repayment of a shareholder loan worth EGP 78 million, Raya Holding said in a bourse disclosure on Monday.

In addition, another deal was signed for the acquisition of 20,000 shares or 100% of United Retail Company (URC) for a value of EGP 350 per share.

Elite Consultancy House acted as independent financial advisor to determine the fair value (FV) of URC and i2.

During the first nine months of 2020, Raya Holding for Financial Investments incurred net losses of EGP 53.69 million, down from EGP 58.16 million in the year-ago period.

Source: Mubasher

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