Arab Finance: Raya Holding for Financial Investments (RAYA) has announced its initial approval of Helios Investment Partners' offer to acquire a 49% stake in Raya Foods, as per a disclosure.

The proposed investment deal, valued at $40 million, includes a secondary purchase, a capital increase, and a mezzanine loan convertible into equity.

The estimated valuation of Raya Foods stands at $65 million.

Following the approval, the board has authorized its chairman and managing director to proceed with the necessary steps to evaluate the offer and negotiate the specific terms in preparation for the signing of contracts after thorough review.

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