EGYPT – Raya Holding Group for Financial Investments has signed a contract to sell one of its subsidiary companies, BariQ for Techno and Advanced Industries, to Intro Waste Management and Material Recovery Holding Ltd.
The deal involved the direct stake of Raya Holding, which accounts for 98.76% of the BariQ shares, and its indirect share through its subsidiaries, amounting to 1.24%. This means a total of 6.5 million shares.
The Board of Directors at BariQ decided to authorise its Chairperson to take the necessary measures to implement the sale amounting to EGP 490.75 million (US$31.32m), provided that both parties fulfil certain conditions.
Medhat Khalil, Chairperson of the Board of Directors at Raya Holding, expressed his happiness with the deal’s completion and cooperation with the Intro Waste Management and Recycling Company to complete BariQ’s growth. This comes as part of the state’s plan to focus on recycling waste and relying on clean energies.
“With BariQ achieving an annual growth rate of up to 20%, the exit is in favour of an investor working in the same sector so that the company can move forward while maintaining the pace of growth,” Khalil added.
“The company’s goal since its establishment is to contribute to achieving sustainable development and strengthening core sectors.”Medhat Khalil – Chairperson of the Board of Directors, Raya Holding
“The company’s goal since its establishment is to contribute to achieving sustainable development and strengthening core sectors.”
Ahmed Khalil, Managing Director of Raya Holding, said that the exit from the recycling sector comes as part of his company’s investment strategy. This aims to achieve the highest value for shareholders through the sectors and activities in which Raya can focus its efforts and resources to maintain its leadership position.
He expressed his sincere thanks to all BariQ employees, who have contributed to placing the company on the map of international companies operating in the recycling field.
Hossam Hussein, head of the financial sector at Raya Holding, said that the company is a direct investment entity, which is always working to invest in new sectors where relevant.
“BariQ has achieved the desired growth rate with which we can exit in favour of a new investor, especially given his long experience in this sector,” he said.
Hussein stressed that the company is working to complete the rest of the procedures for transferring ownership of shares, and that the nominal value of the company’s share within the framework of the deal is about EGP 75.5/share.