CAIRO – 17 December 2023: Raya Holding has announced its plans to launch an initial public offering (IPO) for its subsidiary, Raya Information Technology, in the first half of 2024.
The company's Chief Financial Officer (CFO) recently disclosed this decision, which aims to provide potential investors with the opportunity to acquire a portion of Raya Information Technology's shares. The IPO will involve offering a stake ranging from 30% to 35% of the IT arm's shares.
Last week, Raya entered into an agreement to acquire a 27.69% ownership stake in Ostool for Land Transport, a company currently owned by Egyptian Gulf Holding Financial Investments. Once the acquisition is successfully completed, Raya Holding will consolidate its ownership of Ostool, ultimately owning 90% of its capital, as disclosed on the Egyptian Exchange (EGX).
Furthermore, there are indications that the Administrative Capital for Urban Development (ACUD) could also go public on the Egyptian Exchange in the first half of 2024. The chairman, Khaled Abbas, has made statements to the media suggesting that the ACUD's initial public offering is on the horizon. This development aligns with President Abdel Fattah El-Sisi's previous announcement in 2021, where he touted the potential of the ACUD IPO to be the largest in the country's history.
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