Cairo – Mubasher: Raya Holding for Financial Investment will invest EGP 100 million in an automotive manufacturing project.
The board of Raya agreed on starting the executive regulations of the project, directly financing the project with EGP 60 million, and obtaining a credit loan of EGP 40 million, the firm highlighted in a statement to the Egyptian Exchange (EGX) on Thursday.
This project will include collecting and manufacturing two-wheel drive, three-wheeler, and four-wheel drive vehicles.
The company’s capital amounts to EGP 504.6 million distributed over 100.9 million shares at par value of EGP 5 per share.
The EGX-listed company had previously posted profits of EGP 14.98 million in the three months ended June 2017, versus EGP 42.32 million in the prior-year period.
By 11: 50 am Cairo time, Raya’s stock rose 2.04% to EGP 11.50.
