Back to the complete issue
Sunday, 9 October 2022

Aman Holding and Raya Trade & Distribution could be heading to the EGX

Raya Holding getting serious about Aman Holding IPO + adds Raya Trade to the pipeline: Raya Holding met with EGX Chairman Ramy El Dokany last week to discuss market conditions as the company looks to IPO its non-banking financial services (NBFS) outfit, Aman Holding. The company is also considering debuting Raya Trade & Distribution on the EGX, Raya Holding Chief Investment Officer Ahmed Nour Eldin told Enterprise, confirming a report first published in Al Mal.

First up, Aman Holding: The size of the stake that will be on offer has yet to be determined, Nour Eldin told us, saying only that it will have to be “sizeable for international investors to consider subscribing.” The company has repeatedly postponed plans to list Aman due to market turbulence, in July reportedly saying it would push the transaction to 2023. The company is waiting on advisors to give the green light to move ahead. Raya is still looking at next year for its potential IPO, Nour Eldin confirmed.

Capital increase coming? Raya is “currently in talks with our partner to further increase the capital of Aman to around EGP 1 bn,” Nour Eldin said. Aman last year brought in the National Bank of Egypt (NBE) as a strategic partner and minority shareholder, with the state-owned lender acquiring 24% of the company in an EGP 480 mn transaction.

Raya Trade & Distribution could also hit the EGX: Raya Holding is currently in talks with investors about whether to move ahead with an EGX debut for the trade and distribution line of the business, or alternatively engage with a minority investor to bring in more capital, Nour Eldin told us. This capital injection would help Raya Trade expand its footprint in international markets like Nigeria, where the company is already operational and brought in EGP 1 bn of revenues last year, he said.

Advisors: CI Capital are advisors, underwriters and bookrunners for Raya Trade & Distribution. EFG Hermes are advisors, underwriters and bookrunners for Aman Holding. Zaki Hashem & Partners are serving as legal advisors for both potential IPOs.

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.