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Raya Holding in talks to sell BariQ

Raya Holding in talks to sell BariQ
BariQ and Coca Cola will open the largest plastic waste sorting plant
Raya
RAYA
-7.11% 4.18 -0.32

By: Islam Fadl

Cairo – Mubasher: Raya Holding for Financial Investments is negotiating with two companies willing to acquire its recycling subsidiary BariQ, the Chairman Medhat Khalil said.

An Egyptian firm specialised in waste recycling sector is close to seal the deal, Khalil added in an interview with Mubasher on Sunday.

The acquisition deal is expected to close before the end of 2020, he revealed.

The investment cost of the recycling subsidiary amounts to EGP 180 million and its capital reaches EG 65 million.

On a side note, he said that a strategic partnership agreement has been signed between BariQ and Coca Cola for the inauguration of the largest plastic waste sorting plant to be financed by the multinational beverage company.   

During the first nine months of 2020, Raya Holding for Financial Investments incurred net losses of EGP 53.69 million, down from EGP 58.16 million in the year-ago period.