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Thursday, 21 March 2019

Raya Holding reports FY2018 earnings, names Ahmed Hassan and Hossam Hussein as IR managers

EARNINGS WATCH- Raya Holding reported a net profit of EGP 89.1 mn in 2018, down from EGP 103.2 last year, according to its earnings release (pdf). Revenues for the year were up to EGP 7.9 bn from EGP 6.7 bn in 2017.

The company also announced it has set up non-banking financial services and securitization arms under its trademark name Aman, according to an EGX disclosure (pdf). Aman for Non-banking Financial Services was set up with issued capital of EGP 100 mn and Aman for Securitization with capital of EGP 5 mn. Raya is the parent company of three Aman-named companies — Aman for Financial Services, Aman for E – Payments and Aman for Microfinance.

This all comes as it’s about to go private: A mandatory tender offer (MTO) by Raya’s chairman and founder Medhat Khalil to take the company private is underway. The Financial Regulatory Authority ordered Khalil last year to submit the MTO, or alternatively sell down his stake, arguing that he and related parties controlled a combined 42%, a level that calls for an MTO under securities regulations.

And named new IR managers: Raya made its head of investment and finance Ahmed Hassan and its CFO Hossam Hussein responsible for investor relations, the company said in a separate bourse filing (pdf).

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