By Hamed Mahmoud
Raya Holding for Financial Investments announced that it has signed the business sale agreement of its subsidiary, BariQ for Advanced Manufacturing, with Intro for Waste Management, a subsidiary of Intro Group. The sale includes 98.76% of BariQ shares owned directly by Raya Holding, in addition to 1.24% of shares owned indirectly by Raya’s subsidiaries, with a total number of shares amounting to 6.5 million shares.
BariQ’s BoD has authorised the head of the board to take the necessary actions in order to close the deal valued at LE490,750,000 (four hundred ninety million seven hundred fifty thousand Egyptian pounds only) – the cash consideration for the sale of shares. Both sides shall work to fulfill a number of conditions stipulated in the contract of sale before completing the transfer of the shares in question.
Medhat Khalil, Chairman of Raya Holding for Financial Investments, has expressed his pleasure with the deal and the co-operation with Intro Group to continue the growth trajectory of BariQ, in light of the national plans to invest in waste recycling and rely on clean energy.
“BariQ achieves an annual growth rate of up to 20%. The transition of ownership to an investor with a wide experience in the field was aimed at moving forward while maintaining growth rates”, added Medhat Khalil.
Ahmed Khalil, CEO of Raya Holding added that exiting the recycling industry came as part of Raya Holding’s investment strategy to achieve the highest possible value for its shareholders through the establishment of ventures that Raya can utilise its experience for and maintain its leading position in the market.
On his part, Hossam Hussein, CFO of Raya Holding, said that Raya Holding is a direct investment enterprise and has always been entering new fields of business and exiting others, like all investment companies.
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