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.