Raya Holding for Financial Investments have approved an offer by the National Bank of Egypt (NBE) to acquire the former’s stake in Aman for Financial services.
The announcement was made by Medhat Khalil, Chairperson of Raya Holding, who added that negotiations are ongoing regarding the financial value of the acquisition.
Khalil said that Raya Holding has received about 15 offers to acquire the company’s stake in Aman both from inside and outside Egypt. Raya Holding, however, preferred the NBE offer due to its added value and given NBE’s strength as a leading bank in the Egyptian market.
He said that the NBE has requested the acquisition of a 24% share in Aman Group, but negotiations are underway between the two sides. He also indicated that, in the coming days, the NBE will commence with a due diligence that is expected to be completed in two months, to set the transactions financial value.
In a statement to the Egyptian Exchange (EGX) on Sunday, Raya Holding said that it had received an offer from the NBE to purchase a minority stake in Aman Group, which is a non-banking financial services company.
Raya Holding pointed out that Aman Group was established to achieve financial inclusion by providing various financial services through its various subsidiary companies.
The companies affiliated to Aman Group include: Aman Electronic Payment Technology Company, which provides electronic payment services through nearly 60,000 points of sale; Aman Financial Services Company, which provides consumer finance and instalment services through 250 branches; and Aman Micro Enterprises Financing, which provides micro-financing through a network of branches of over 60 branches.