Cairo – Mubasher: Raya Holding for Financial Investment on Sunday announced acquiring 100% of the International Union for Integrated Food Industries Company (Lazah) through the Egyptian Exchange (EGX).
The acquisition involved 5 million shares worth EGP 66.85 million, as well as Raya's payment of the Integrated Union Company's debt which does not exceed EGP 13 million, according to a bourse filing.
Accordingly, the total value of the acquisition is EGP 79.9 million ($4.40 million).
In October 2016, Raya reported entering into talks to acquire an industrial food company that operates both locally and in the export business.
In December that year, Raya said it signed a preliminary agreement to purchase 100% of Lazah's shares.
