Raya Electronics and Raya Distribution will acquire Itsalat International Company and the Saudi-based United Retail Company
Traders work at the Egyptian stock exchange in Cairo, Egypt April 18, 2016.
REUTERS/Mohamed Abd El Ghany
By Staff Writer, Arab Finance
ArabFinance: Raya Electronics and Raya Distribution will acquire Itsalat International Company and the Saudi-based United Retail Company (URC), according to the statement filed to the Egyptian Exchange.
Raya Holding for Financial Investments' subsidiaries will purchase 99.95% (936,300 shares) of Itsalat at EGP 106.8 per share, in addition to repaying shareholder loan of EGP 78 million.
Moreover, both company will buy URC's share at EGP 350 per each.
On January 12th, the board members of Raya approved splitting the company’s par value to become EGP 0.5 per share instead of EGP 5.
Earlier, Raya Holding has signed a contract to sell 24% of its stake in Aman to the NBE.
Established in 1999 and listed on EGX in 2005, Raya Holding operates within the software and services sector, focusing on information technology consulting and other services.
It has subsidiaries operating across North America, the British Islands, Northern Africa, Western Africa, and the Middle East.
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