Raya Holding for Technology and Communications will discuss raising its capital from EGP 420.5m to EGP 504.6m, a rise worth EGP 84.1m, the company disclosed in an official statement to the Egyptian Stock Exchange (EGX), Monday. An extraordinary general assembly meeting is expected to take place on 16 June to discuss the issue. The EGP 84.1m rise will be distributed among 16.8m shares with a nominal value of EGP 5 per share. In 2014, the company's net profits declined by 11%, whereby generated net profits that year were worth EGP 49.4m, compared to the EGP 55.4m achieved the year before. In March 2015, Ream Assad, the company's director of investors' relations and CEO of Raya Data Centre, told Daily News Egypt the company is considering a number of the mega projects the Ministry of Communications and Information Technology listed at the Economic Summit in March. Among the projects the company is studying are the "smart electricity metres and Smart Village, in addition to new and renewable energy projects", Assad said. "We are considering competition mechanisms for these projects, whether through the local consortium or partnerships with our foreign partners," she added. Raya Holding has been listed on the Egyptian Stock Exchange since 2005, and operates in the technology hardware and communications equipment sector. Raya Holding manages 10 subsidiaries that operate in data centre outsourcing, social media development, smart buildings development, PET recycling, contact centre and land transport.
