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Raya to divest stake in e-billing firm Fawry

Raya to divest stake in e-billing firm Fawry
Photo Credit: Arabianeye - Reuters
Raya
RAYA
-0.33% 3.05 -0.01

Cairo – Mubasher: Raya Holding for Technology & Telecommunications said, in a bourse filing Tuesday its board of directors decided to sell the company’s equity in e-bill payment firm Fawry to BSI Netherlands BV.

The company’s stake, which amounts to 2.51 million shares, will be paid in a deal worth EGP 174.24 million.

Raya will pay all related expenses and commissions upon finalising the deal, which will reduce the deal’s value to EGP 163.66 million.

Raya’s board delayed a decision on talks currently held with a foreign investors as regards the latter’s request to share in the company’s private placement till reviewing the financial position and cash flows of Raya’s subsidiaries.