Raya Holding signs agreement to acquire 27.69% stake in Ostool

 Raya Holding has announced the signing of an agreement to acquire a 27.69 percent ownership stake in Ostool for Land Transport. The stake is currently held by Egyptian Gulf Holding Financial Investments. Upon the successful closure of this acquisition, Raya Holding's ownership in Ostool will increase to 90 percent, as disclosed by the company on the Egyptian Exchange (EGX).

Raya Holding had plans to sell their 62.3% stake in Ostool for Transportation to Paradigm Logistics for LE 266.6 million in 2021 with a total of 53.959 million shares, had an average price per share within the deal of 4.94 pounds. However, the transaction was not finalized.

Earlier this week, B Investments recently received approval from its board of directors (BoD) for a mandatory purchase offer (MTO) to acquire a controlling 90 percent stake in Orascom Financial Holding Company (OFH). According to an official filing with the EGX, the MTO will be executed through a share swap, without any cash involvement.

Under the terms of the MTO, B Investments will offer up to 4.2 billion shares, representing 90 percent of OFH, in exchange for a swap ratio of 1 B Investments share per 56.76 shares of OFH.