By: Heba El-Kordy

Cairo – Mubasher: Raya Holding for Financial Investment (Raya Holding) might delist from the Egyptian Exchange (EGX) if the negative performance of the market persists, the company’s chairman and managing director Medhat Khalil said.

However, there is no plan to delist Raya Contract Center from the EGX, Khalil told Mubasher.

It is noteworthy that in May, Raya Holding submitted a complaint to the Ministry of Justice to cancel the EGP 11 million fine imposed by the Financial Regulatory Authority (FRA) for violating Capital Market law during 2018. 

In December 2018, the FRA required Medhat Khalil to submit a mandatory tender offer (MTO) for 100% of the shares of the company.

During the first nine months of 2019, Raya Holding suffered net losses of EGP 58.16 million, versus net profits of EGP 58.6 million in the same period a year earlier, including minority shareholders’ rights.