Raya exits transport subsidiary Ostool
Raya offloads stake in transport arm: Raya Holding has signed an agreement to sell its 62.3% stake in shipping subsidiary Ostool to Paradigm Logistics in a EGP 266.6 mn transaction, according to a regulatory filing (pdf). The acquisition should wrap up no later than 31 March 2022, according to the terms of the agreement.
Raya had previously been said to be looking to sell only half of its stake in Ostool to Paradigm, which a report last year said was incorporated in the British Virgin Islands. The disclosure does not name the beneficial owners of Paradigm. Sources last year said Raya wished to retain management rights for Ostool as a condition of the sale, but today’s filing made no mention of this condition. Ostool was created in 2010 by Raya and Qalaa Holding (then known as Citadel Capital).