Raya Holding for Financial Investments has sold their stake in Ostool for Transportation to Paradigm Logistics LL to the tune of LE 266.6 million.

The 62.3 percent stake, with a total of 53.959 million shares, had an average price per share within the deal of 4.94 pounds.

Raya attributed the purpose of the stock split decision to increasing the shareholder base, increasing the liquidity of the company's securities and attracting investors, which will increase its circulation on the stock exchange.

The company added that the company's shares will be traded according to the nominal value after the split, to 50 piasters as of March 23.

It was decided to split the nominal value of the share from 5 pounds to 50 piasters, with the issued capital remaining the same as LE 1.07 billion distributed over 2.14 billion shares instead of 214.39 million shares, with a nominal value of 50 piasters, in implementation of the decision by the board last February.

Raya Holding saw consolidated net losses in 2020 of LE 45.68 million, dropping 46.3 percent year-on-year (YoY) from LE 85.1 million a year earlier.