Cairo – Mubasher: Raya Holding for Financial Investment has signed a preliminary agreement with the Commercial International Bank (CIB) for the securitisation of some of its debts and liabilities for three subsidiaries.

The securitisation will be carried out through setting up a specialty firm, Raya said in a filing to the Egyptian Exchange (EGX) on Tuesday.

The securitisation process will subject for law no.95 for 1992, and all due approvals will be obtained before the issuance, according to the filing.

Raya Holding previously reported EGP 17.1 million in profits for the first half of 2018, versus EGP 55.58 million in the same period a year earlier.

Revenues stood at EGP 4.01 billion in the six-month period ended June, up from EGP 3.06 billion during H1-17.