Raya confirms selling 62.3% stake in Ostool

Sold to Paradigm Logistics

  
A trader works at the Egyptian stock exchange in Cairo, Egypt September 23, 2019.

A trader works at the Egyptian stock exchange in Cairo, Egypt September 23, 2019.

REUTERS/Mohamed Abd El Ghany

ArabFinance: Raya Holding for Financial Investments’ (Raya) (RAYA) board of directors ratified sales of Raya’s stake in Ostool Shipping Company to Paradigm Logistics at EGP 4.94 per share, according to Raya's filing on April 21st.

Raya will sell its 62.3% stake in Ostool capital at EGP 266.560 million, the statement highlighted.

It’s worth mentioning that the board approved a report of Elite Financial Consultancy, the independent financial advisor, which set transport company’s share at EGP 1.69 per each.

Ostool Shipping Company was founded in 2010 by Raya Corp and Qalaa Holdings and provides a range of transportation and logistics services

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