Raya Holding to list up to 30% of Raya IT on EGX in October
Updated 7/7/2024 7:31:00 AM
Arab Finance: Raya Holding for Financial Investments is planning to list up to 30% of its subsidiary Raya Information Technology (Raya IT) on the Egyptian Exchange (EGX) in October, CFO Hossam Hussein told Al Borsa News.
Raya IT is one of three firms, including Raya for Trade and Distribution and Aman for Financial Services, that the group intends to offer stakes in on the EGX as soon as the market conditions improve, Hussein noted.
Hussein previously announced that EFG Holding is the offering’s advisor.
He pointed out that the group plans to engage in securitization operations in the coming period; however, it is anticipating a decrease in interest rates.
Last week, Al Baraka Bank Egypt has signed an agreement with Raya IT earlier to provide the latter a general credit facility of up to EGP 550 million as well as a return.
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