** #2 Medhat Khalil to appeal the FRA-ordered date and price of Raya MTO: Medhat Khalil will appeal the date and price set by a Financial Regulatory Authority (FRA) as part of its order that he divest shares in the company he founded or launch a mandatory tender offer (MTO) to acquire 100% of Raya Holding for Financial Investments by 27 November, Raya said in a disclosure to the EGX (pdf) on Sunday. The statement affirmed that Khalil would go ahead with the take-private bid, but objects to the short time frame set by the FRA and to the notion that he must buy based on the average share price over the past 6 months. Khalil told Al Mal last week that he is considering bringing together a group of investors for the take-private bid and is in talks with investment banks.

Background: Khalil says he and family members control 32% of shares, less than the 33% required to trigger an MTO, but the FRA decided to count the 10% stake owned separately by his brother-in-law as a related party, bringing the Khalil group’s total stake at 42%.