Raya Holding announced acquiring 100% of the shares of the International Union for Integrated Food Industries (Lazah) through the Egyptian Exchange (EGX).
The company said in a statement that the number of shares amounted to 5 million shares, valued at EGP 66.85m. Raya Holding will also be committed to paying all of Lazah’s dues, which shall not exceed EGP 13m. This raises the deal’s value to EGP 79.85m.
In October 2016, the company agreed to enter negotiations to acquire a local integrated food industries company. In December, the company announced signing a preliminary agreement to acquire 100% of Lazah’s shares.
Raya Holding’s subsidiary, Raya Contact Center, had presented a prospectus to put up 48.99% of its shares on the EGX with a maximum of 48.99 million shares. Another subsidiary, Raya Data Center, has expanded in Europe and the Middle East recently. Its hard cash revenues account for 77% of its revenues at the end of November. The company is operating in more than 25 languages through its facilities in Egypt, Dubai, and Poland.
Raya Holding owns 11 subsidiaries: Raya Contact Center, Raya Data Center, Raya Information Technology, Raya International Services, Raya Smart Buildings, Raya Social Media, Raya Trade, Raya Venture Investment, Raya Restaurant, Bariq, and Ostool.