Egypt Raya's units complete acquisition of i2, URC
Raya Holding for Financial Investments finalised the acquisition of 20,000 shares of URC
Traders work at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.
REUTERS/Mohamed Abd El Ghany
By Staff Writer, Mubasher
Cairo – Raya Holding for Financial Investments announced the completion of acquisition of Itsalat International – Egypt (i2) and United Retail Company (URC) by its subsidiaries Raya Distribution and Raya Electronics.
The company's units completed the purchase of 936,300 shares or 99.95% of i2 in consideration of EGP 106.9 per share as well as the repayment of a shareholder loan worth EGP 78 million, according to a bourse disclosure on Sunday.
In addition, the two subsidiaries also finalised the acquisition of 20,000 shares or 100% of URC for a value of EGP 350 per share.
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.
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