Back to the complete issue
Thursday, 12 November 2020

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.

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.