Cairo – Mubasher: The Egyptian Exchange (EGX) on Tuesday announced the completion of Mona Khair Eldin & Partners Company’s purchase offer to buy a stake in Raya Holding for Financial Investment at a value of EGP 314.76 million.
The transaction has been implemented through 56.919 million shares at a value of EGP 5.53 per shares, the EGX highlighted in a statement.
In March, Raya Holding’s board of directors had approved Mona Khair Eldin’s purchase offer to buy a 36.7% stake of the company’s capital at a value of EGP 5.53 per share.
Raya Holding previously said that the Financial Authority Regulatory (FRA) had approved the purchase offer submitted by Mona Khair Eldin Company and El Pharonia For Real Estate Investment to buy 78.65 million in Raya.
Raya Holding previously posted an EGP 89.12 million in consolidated profits for the full-year ended 31 December 2018, versus EGP 103.22 million in 2017, including minority shareholders’ rights.
