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Wednesday, 27 October 2021

BariQ now officially belongs to Intro Group

Raya Holding has completed the EGP 571 mn sale of 100% of its recycling subsidiary BariQ to Intro Group subsidiary Intro Waste Management and Material Recovery, according to a bourse disclosure (pdf). Raya announced initial plans to sell off BariQ in November of last year, which the company said in yesterday’s disclosure is part of a 2019 plan to divest non-core assets and focus investment on the group’s core operations. Raya signed an agreement with Intro Group to sell 100% of BariQ in May of this year.

Advisors: Al Ahly Pharos had sell-side duties, while Compass Capital was buy-side advisor. RSM did buy-side financial and tax due diligence duties. Zaki Hashem and Partners provided counsel on the sell-side and Al Tamimi and Co were buy-side counsel. Al Ahly Pharos Brokerage executed for the sell-side and Beltone Brokerage did the work on the buy-side. CIB was escrow agent for the transaction.

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