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Sunday, 26 January 2020

Raya received 12 bids for non-controlling stake in Aman Holding

M&A WATCH- A total of 12 domestic and international investors are looking to acquire a minority stake in Raya subsidiary Aman Holding, Raya said in an EGX disclosure (pdf). Aman Holding was set up earlier this month to parent Raya’s three non-banking financial service arms — Aman for Financial Services, Aman for E-Payments, and Aman for Microfinance. The company has EGP 375 mn in capital and holds 99% stakes in the former two businesses and a 74.5% stake in the latter.

In other Raya news, Aman’s sister company Raya Restaurants has signed a franchise agreement to bring Australia-based restaurant and cafe Jones the Grocer to Egypt, according to Al Mal. Raya will begin by opening two branches in Sheikh Zayed and the Fifth Settlement, and then four more, at a total cost of EGP 60 mn. Jones the Grocer has at least 15 branches in the UAE, two in Singapore, and one in each of Qatar and Cambodia.

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