Cairo – The National Bank of Egypt (NBE) has submitted an offer to acquire a minority stake in Aman Financial Services, a subsidiary of Raya Holding for Financial Investment.

The state-run bank will conduct a due diligence process on Aman Financial Services in the coming period, Raya Holding said in a bourse disclosure on Sunday.

The size and value of the investment will be determined upon the completion of negotiations and due diligence process, the company added.

It is worth mentioning that the first quarter of 2020, Raya Holding incurred net losses of EGP 68.8 million, up by 162% year-on-year (YoY) from EGP 26.2 million, including minority shareholders’ rights.

Source: Mubasher

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