Arab Finance: Company announced Raya Holding for Financial Investments – (RAYA)It received a binding purchase offer to acquire a share of up to 49% of the total capital of Raya Foods – one of its 100%-owned subsidiaries, according to statement Egyptian Stock Exchange.
The acquisition offer will be in an investment deal with a total amount of $40 million, and Raya Foods will contribute 5% of Raya Holding’s annual revenues. The capital of Raya Foods amounts to 340 million pounds, and its ownership rights record 287 million pounds.
The company added that it will present the deal to the Board of Directors to consider its acceptance, and will appoint an independent financial advisor in accordance with the provisions of the rules for listing and delisting securities on the Egyptian Stock Exchange.
On its consolidated business results for the financial period ending on 06/30/2024, it showed achieving revenues of 14.511 billion pounds, an increase of 38% compared to the previous year, according to what the company stated in Disclosure Sent to the Egyptian Stock Exchange.
On a quarterly basis, the company achieved revenues amounting to 9.675 million pounds, an increase of 21% year-on-year.
Raya Holding is a Cairo-based investment group that manages a diversified investment portfolio, working in the fields of information technology, data center outsourcing, communications centers, smart buildings, consumer electronics, food and beverages, land transportation, and electronic payment methods, as the parent company of eleven companies practicing different types of activities and achieving remarkable success.
Raya Holding shares have been listed on the Egyptian Stock Exchange since 2005. Because the company employs more than 13,000 competent employees who meet the needs of a broad base of customers around the world from the company’s branches in the Arab Republic of Egypt, the Kingdom of Saudi Arabia, the United Arab Emirates, Poland and Nigeria.
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