Cairo – Mubasher: Raya Holding for Financial Investment on Wednesday announced that its subsidiary Raya Trade has signed a partnership agreement with Samsung Group to locally manufacture Samsung’s washing machines.
The deal includes manufacturing 9-kg to 13-kg washing machines in Egypt, Raya highlighted in a statement to the Egyptian Exchange (EGX).
Manufacturing is scheduled to start within the second half of 2018, the company added.
Raya last posted a net profit of EGP 87.9 million for the first nine months of 2017, up from EGP 64.4 million in the year-ago period.
The company’s capital amounts to EGP 504.6 million distributed over 100.9 million shares at a par value of EGP 5 per share.
By 10:53 am Cairo time, Raya’s stock slipped 0.63% to EGP 11.06.
