|28 January, 2020

Egypt's Raya Holding receives 24 acquisition offers for subsidiary

The contenders include 16 international financial firms

A trader works at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.

A trader works at the Egyptian stock exchange in Cairo, Egypt, December 3, 2015.

REUTERS/Mohamed Abd El Ghany

Cairo –  Raya Holding for Financial Investment has announced that it received 24 offers from local and international companies for the acquisition of a minority stake in its subsidiary Aman Holding for Non-Banking Financial Services.

The contenders include 8 financial companies operating in Egypt and 16 international financial corporations, Raya said, according to a statement.

Earlier in January, Raya Holding unveiled plans to increase investments in Egypt to EGP 150 million over the coming five years.

It is worth noting that Raya Holding suffered net losses of EGP 58.16 million in the nine-month period ended 30 September, against net profits of EGP 58.6 million in the corresponding period of 2018, including minority shareholders’ rights.

Source: Mubasher

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