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Thursday, 15 July 2021

Raya establishes Aman for Technology, NBFS, and Electronic Payments

Raya to consolidate Aman subsidiaries into a holding company following FRA approval: Raya Holding gained approval from the Financial Regulatory Authority (FRA) to create a holding company for its subsidiaries Aman for E-Payments, Aman for Microfinance, and Aman for Financial Services, according to an EGX disclosure (pdf) released today. The holding company will be under the name Aman for Technology, NBFS, and Electronic Payments and will help increase investments in the company and expand its activities.

Aman is working to roll out two new subsidiaries, Aman for Consumer Finance which will be established with EGP 110 mn in capital as well as Aman for Securitization with a capital of EGP 5 mn, the disclosure added.

MARKET WATCH-

The EGX30 fell 0.4% at today’s close on turnover of EGP 1.61 bn (24.9% above the 90-day average). Local investors were net sellers. The index is down 2.6% YTD.

In the green: AMOC (+4.3%), Cleopatra Hospitals (+0.9%) and Sodic (+0.9%).

In the red: TMG Holding (-2.5%), Export Development Bank of Egypt (-2.5%) and Fawry (-2.3%).

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