Raya Holding sells 100% of BariQ

To Intro for Waste Management and Material Recovery

Cairo – Mubasher: Raya Holding for Financial Investments announced the conclusion of the sale of 100% or 6.5 million shares of BariQ for Techno and Advanced Industries to Intro for Waste Management and Material Recovery Ltd, a subsidiary of Intro Investment Holding.

The total cash value of the deal stands at EGP 496 million, including EGP 5.24 million for a 7,500-square-metre land plot owned by Tadweer, one of Raya’s subsidiaries, located in CPC industrial Complex, and EGP 490.75 million as the purchase price of the shares, Raya said in a bourse disclosure on Tuesday.

The average share purchase price amounts to EGP 75.5.

"An additional permitted leakage and debt waiver amounting to EGP 75 million were accounted for as additional consideration, bringing the total transaction’s value to EGP 571 million," the company added.

In the first half (H1) of 2021, Raya turned to net profits of EGP 151.89 million, versus net losses of EGP 95.529 million in H1-20, including minority shareholders' rights.

Source: Mubasher

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