|11 February, 2020

Egypt's Raya Holding receives offer for $8.48mln stake in subsidiary

The offer including the acquisition of a 31% stake in Raya’s Ostool for Land Transportation

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 Investment on Tuesday announced that it received a non-binding acquisition offer from Paradigm Logistics Limited for a stake in a subsidiary.

The offer including the acquisition of a 31% stake in Raya’s Ostool for Land Transportation for EGP 133 million, according to a bourse statement.

Raya is set to hold an extraordinary general meeting on Wednesday, 12 February, to consider the acquisition offer.

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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