Raya may approve a bid for 31% stake in its transport arm
M&A WATCH- Raya may approve bid for 31% stake in its transport arm: Raya Holding is likely to approve the EGP 133 mn offer from Paradigm Logistics to acquire a 31% stake in its Ostool Shipping Company, Al Mal reports, citing unnamed sources. Unnamed sources said that the company will condition the sale on retaining its management rights. Raya will now appoint an independent financial advisor.
Background: Raya announced on Tuesday that it received a non-binding offer from the British Virgin Islands-based company for the stake in Ostool. Raya currently holds a 62.3% stake in the company, which was founded in 2010 by Raya Corp and Qalaa Holdings and provides a range of transportation and logistics services.