|29 January, 2020

Raya Holding receives 24 domestic, foreign offers to acquire minority stake in Aman Holding

Among these institutions came 8 local financial entities operating in Egypt

Raya Holding Company for Financial Investments has received offers from 24 local and international companies and institutions to acquire a minority stake in its subsidiary Aman Holding for non-bank financial services, which includes under its umbrella Aman for electronic payment, Aman for non-bank financial services, and Aman Microfinance.

Among these institutions came 8 local financial entities operating in Egypt, in addition to 16 international foreign institutions, including major financing institutions and investment destinations.

Medhat Khalil, Chairperson of the Raya Holding Group and CEO, said that the offers made by those institutions to invest in one of the group companies express the confidence of investors at the local and international levels in the professionalism of the company’s board of directors and the added value and production capacity that is achieved through the work of Raya companies and the returns of their investment projects.

Khalil added that the group’s investments support non-bank financial services, which represent a national trend to provide multiple channels to finance various economic activities in a way that fully supports the economy and is reflected on the development rates of Egypt in general.

He explained that the entry of such institutions to invest in a national company is considered one of the state’s steps to enhance foreign direct investment flows inside Egypt, supports the position of financial institutions operating in Egypt, and raises the international classification of companies operating in the local market in general.

Raya previously announced restructuring the non-bank financial services sector in the group under one affiliate platform and wholly-owned by Raya, which is Aman Holding Company for non-bank financial services, with a paid-up capital of EGP 375m.

Raya Holding also announced that the restructuring process took place after receiving all approvals required to complete the restructuring and transfer of shares.

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