Raya Holding intends to make available a portion of the shares of Raya Information Technology, ranging from 30% to 35%, to potential investors
The Chief Financial Officer (CFO) of Raya Holding for Financial Investments recently unveiled the company's strategic decision to initiate an initial public offering (IPO) for one of its subsidiaries, Raya Information Technology.
As part of this IPO, Raya Holding intends to make available a portion of the shares of Raya Information Technology, ranging from 30% to 35%, to potential investors. The IPO process is slated to commence in the first half of 2024.
Earlier last week, Raya Holding signed an agreement to acquire 27.69% ownership stake in Ostool for Land Transport which is currently owned by Egyptian Gulf Holding Financial Investments. After the successful closure of this acquisition, Raya Holding will own 90% of Ostool’s capital according to its Egyptian Exchange (EGX) disclosure.
It is also expected that the Administrative Capital for Urban Development (ACUD) could be going public on the Egyptian Exchange (EGX) as soon as the first half of 2024, according to chairman Khaled Abbas statements to the media.
President Abdel Fattah El-Sisi previously announced the company’s IPO back in 2021, and was hyped as potentially the country’s largest initial public offering in its history.
