Cairo - Decypha: Raya Holding, an Egypt-based company, acquired 100% of the shares of the International Union for Integrated Food Industries (Lazah) through the Egyptian Exchange (EGX), reported Reuters.
Under the deal, Raya will buy Lazah’s 5 million shares for EGP 66.85 million and will pay all of Lazah’s dues, approximately EGP 13 million, bringing the acquisition’s total to EGP 79.85 million, reported Daily News Egypt.
Raya has signed a preliminary agreement to acquire 100% of Lazah’s shares in October of 2016. During the same period the company had announced its plans to pump $150 million investments into the food industry.
Raya Holding, established in 1999, has been on the Egyptian Exchange (EGX) since May 2005. The company has numerous subsidiaries including Raya Contact Center, Raya Data Center, Raya Information Technology, Raya International Services, Raya Smart Buildings, Raya Social Media, Raya Trade, Raya Venture Investment, Raya Restaurant, Bariq, and Ostool.
By Decypha Editorial Team
