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Raya Holding considers offering shares of two companies on EGX Raya Trade, Raya Information Technology have reached proper size for offering, Khalil says
Medhat Khalil, managing director and chairperson of Raya Holding for Financial Investments, said that the company's policy adopts the idea of offering shares on the Egyptian Exchange (EGX) once the companies reach a size deemed proper for trading. On the sidelines of the company's launching of its two factories for assembling and manufacturing tuk-tuks and light vehicles, Khalil added that there are two Raya companies qualified for offering on the EGX after they reach a volume that allows listing their shares on the stock exchange. Khalil also added that offering Raya Trade and Raya Information Technology on the EGX is under study. He did not specify a timeframe for the offerings and added that a decision will be made soon. Last year, Raya Holding for Financial Investments announced acquiring 100% of the shares of the International Union for Integral Food Industries through the Egyptian Exchange. The number of shares acquired was 5m, worth EGP 66.85m. Additionally, Raya is obliged to repay all the amounts due by the International Union for Integral Food Industries, worth around EGP 13m, making the total value of the deal EGP 79.9m. In October 2016, the company approved entering into negotiations regarding one of the industrial integrated food projects operating in the local and exportation markets. In December of the same year, it revealed that it had signed an initial contract to purchase shares to for a full acquisition of the International Union for Integral Food Industries. Raya Communication Services, a subsidiary of Raya Holding, has submitted an offering prospectus for 48.99% of its shares on the EGX, with a maximum of 48.99m shares. Raya has recently expanded its business in Europe and the Middle East, as its revenues in foreign currency represented 77% of its total revenues until the end of February 2017. The company works through its headquarters in Egypt, Dubai, and Poland, in more than 25 languages. Raya Holding owns about 11 companies, including Raya Contact Centre, Raya Data Centre, Raya Information Technology, Raya International Services, Raya Smart Buildings, Raya Social Media, Raya Trade, Raya Venture Investment, Raya Restaurant, BariQ, and Ostool.
