Cairo – Mubasher: Raya Holding for Financial Investment will invest $24 million in an agricultural products factory in Uganda.
The total cost of the project amounts to $70 million, Raya said in a statement to the Egyptian Exchange (EGX) on Monday, adding that the company's board of director will assign chairman to negotiate over acquiring a minority stake of not more than 25% or $5.8 million.
The board agreed to pay about $250,000 to complete the required studies regarding the investment after signing the agreement, as well as hiring a legal advisor to study final contracts, in line with shielding minority shareholders’ rights.
Raya’s capital amounts to EGP 504.6 million distributed over 100.9 million shares at a par value of EGP 5 per share.
