Raya Holding Signs Business Sale Agreement of “BariQ” for 490.7 Million EGP
- Medhat Khalil: The transition of ownership to proficient investors aims to maintain the company’s annual growth rates of 20%
- Ahmed Khalil: Exiting the PET recycling industry came as part of Raya Holding’s strategy to achieve the highest possible value for our shareholders
- Hossam Hussein: We are completing all the necessary procedures to ensure a smooth transfer of shares
Raya Holding for Financial Investments announced that it has signed the business sale agreement of its subsidiary, BariQ for Advanced Manufacturing, with Intro for Waste Management, a subsidiary of Intro Group. The sale includes 98.76% of BariQ shares owned directly by Raya Holding, in addition to 1.24% of shares owned indirectly by Raya’s subsidiaries, with a total number of shares amounting to 6.5 million shares.
BariQ’s BoD has authorized the head of the board to take the necessary actions in order to close the deal valued at 490,750,000 EGP (four hundred ninety million seven hundred fifty thousand Egyptian pounds only) – the cash consideration for the sale of shares. Both sides shall work to fulfill a number of conditions stipulated in the contract of sale before completing the transfer of the shares in question.
Medhat Khalil, Chairman of Raya Holding for Financial Investments, has expressed his pleasure with the deal and the cooperation with Intro Group to continue the growth trajectory of BariQ, in light of the national plans to invest in waste recycling and rely on clean energy.
“BariQ achieves an annual growth rate of up to 20%. The transition of ownership to an investor with a wide experience in the field was aimed at moving forward while maintaining growth rates. Also, the principal goal of Raya, since its establishment, is to contribute to achieving sustainable development and promote crucial fields of businesses”, added Medhat Khalil.
Ahmed Khalil, CEO of Raya Holding added that exiting the recycling industry came as part of Raya Holding’s investment strategy to achieve the highest possible value for its shareholders through the establishment of ventures that Raya can utilize its experience for and maintain its leading position in the market.
Ahmed has also expressed his sincere thanks to BariQ employees, who have contributed in positioning the company on the map of international corporates in the field of recycling.
On his part, Hossam Hussein, CFO of Raya Holding, said that Raya Holding is a direct investment enterprise and has always been entering new fields of business and exiting others, like all investment companies.
“BariQ has achieved the desired growth rate, with which we can exit, paving the way for a new investor to continue the journey of success, given their extended experience in the field.”, added Hussein.
He stressed that BariQ is working to complete all needed procedures for the transfer of shares. He also noted that the nominal value of the company’s stock within the deal is 75.5 EGP per share.