Cairo – Mubasher: The Egyptian Exchange (EGX) on Sunday said it has decided to cancel several transactions executed on Raya Holding for Financial Investment's stock during Sunday's trading session.
The EGX's announcement comes ahead of critical news due to be announced by Raya.
Raya shareholder, managing director and board chairman Medhat Khalil said in a statement on Sunday that along with other parties he was planning to submit a mandatory tender offer (MTO) for some of the company's shares or to reduce their shareholding in the company.
The shareholder's decision to increase or reduce his shareholding will depend on the decision to be issued by the Grievances Committee affiliated to the Egyptian Financial Supervisory Authority (FRA).
Earlier Raya's chairman said he did not receive a notice from the FRA that stipulates that he must submit an MTO for the company's shares.
The FRA said that Raya's Medhat Khalil along with other shareholders should present an MTO to fully acquire 100% of the company.
Raya last reported EGP 17.1 million in net profits in the six months to June 2018, registering a sharp drop from EGP 55.58 million achieved in the same period of 2017.
