Raya close to offloading recycling subsidiary BariQ
M&A WATCH- Raya Holding looks poised to sell the entirety of its recycling subsidiary BariQ to an unnamed foriegn investor after the company’s board of directors gave preliminary approval to an offer earlier this week, according to an EGX disclosure (pdf). Raya earlier this year started receiving offers from interested parties, with at least five local and foreign companies submitting non-binding offers to acquire minority stakes in the recycled plastic producer. At least one Egyptian investment institution had sought to purchase 100% of the company at the time. The value of the sale remains undisclosed.
National Bank of Egypt (NBE) gets the go-ahead for Aman Group sale: Raya’s board of directors has also given preliminary approval to the sale of a 24% stake in the company’s non-banking financial services arm Aman Group to state-owned National Bank of Egypt (NBE). The potential minority stake sale would see the NBE own 9 mn shares in Aman. The value of the agreement has yet to be disclosed.