Cairo – Mubasher: Raya Holding for Financial Investment’s board of directors has approved Mona Khair Eldin & Partners Company’s purchase offer to buy a 36.7% stake of the company’s capital at a value of EGP 5.53 per share.
The board has also endorsed the financial advisor’s report that set the value of the stock at EGP 5.97 per share, Raya Holding said in a statement to the Egyptian Exchange (EGX) on Sunday.
Moreover, the board said that the offered price is profitable that the company, as well as shareholders and employees, will benefit from.
Earlier this month, Raya Holding announced that the Financial Authority Regulatory (FRA) had approved the purchasing 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.
