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Sunday, 3 May 2020

Six foreign and Egyptian investors want a stake of Raya’s BariQ

M&A WATCH- At least six foreign and Egyptian investors have shown interest in acquiring a stake in Raya Holding's recycled plastic producer BariQ, including an Egyptian investment institution that seeks full ownership, Al Mal reports, citing an unnamed source Five other foreign and local investors have made non-binding offers to acquire minority stakes in the company and have submitted letters of credit pending due diligence over BariQ, which the source sees becoming binding offers in two to three months. The board of directors will study all the offers once their values are penned, the source added.

Background: Raya had announced last month receiving offers of interest for minority and majority stakes in BariQ, which plans to spend EGP 300 mn to establish new production lines and double its output capacity to 3.2 bn recyclable bottles per year.

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