Back to the complete issue
Monday, 26 October 2020

Raya Contact Center submits offer to purchase Gulf-based call center company

M&A WATCH- Raya Contact Center has submitted a non-binding offer to purchase an unnamed call center company based in the Gulf, the company said in an EGX filing (pdf) yesterday. The company is currently conducting due diligence but didn’t provide any additional information.

Separately, Raya’s board of directors will start discussions on how to unwind the EGP 10.4 mn of share buybacks the company authorized following the onset of the coronavirus pandemic, the disclosure said. Raya was among more than 20 EGX-listed companies that lined up for share buybacks after the pandemic fueled a sell-off in capital markets earlier this year. The Financial Regulatory Authority eased regulations on buybacks in early March, opening the floodgates as companies rushed to prop up their share prices. We took a closer look at the buyback boom in July.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.