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Sunday, 18 November 2018

Medhat Khalil requests deadline extension for Raya MTO

M&A WATCH- Medhat Khalil requests a deadline extension for Raya MTO: Raya Holding for Financial Investments founder Medhat Khalil has asked the Financial Regulatory Authority (FRA) to extend the 27 November deadline for him to make a mandatory tender offer for 100% of his company to January or February, he told Al Mal. Khalil, who has been in talks with potential lenders to finance the acquisition, had estimated that he would have to secure up to EGP 800 mn to acquire the outstanding 58% of Raya — which he said would be impossible to achieve before the deadline.

Background: The FRA had ordered that Khalil launch an MTO or sell off shares in Raya after declaring he had triggered the MTO requirement with an effective stake of more than 33%. Khalil says he and his family members control 32% of shares, but the FRA is counting the 10% stake owned separately by his brother-in-law as a related party, bringing the Khalil group’s total stake to 42%.

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