Cairo – Mubasher: Raya Holding for Financial Investment announced that it received twelve offers from local and international investors with high solvency ratios seeking to inject investments into Aman Holding for Financial Services.

Raya Holding aims to sell a non-controlling minority stake in its subsidiary to accelerate its growth and increase its business volume, according to a statement to the Egyptian Exchange (EGX) on Thursday.

The board of directors has neither considered nor approved the stake sale, awaiting the submission of non-binding investment or purchase offers.  

The Egyptian firm previously revealed plans to restructure its non-banking financial services sector into a wholly-owned subsidiary, Aman Holding for Financial Services, with a paid-up capital of EGP 375 million.

Aman Holding for Financial Services owns 99% of Aman Financial Services (99%), 74.5% of Aman Micro Enterprise Services, and 99% of Aman Electronic Payment Technology.

 It is noteworthy that during the first nine months of 2019, Raya Holding incurred net losses of EGP 58.16 million, versus net profits of EGP 58.6 million in the year-ago period, including minority shareholders’ rights.