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. © 2021 Enterprise Ventures LLC.