Cairo – Mubasher: Raya Holding for Financial Investments signed a contract to sell 100% of BariQ for Techno and Advanced Industries to Intro Waste Management and Material Recovery Holding Ltd.

The contract includes the sale of 6.5 million shares for EGP 490.75 million or EGP 75.5 per share, Raya Holding said in a bourse disclosure on Tuesday.

The move aims at maintaining the waste recycling company’s annual growth rate which reaches 20% every year, Raya Holding’s Chairman, Medhat Khalil, said.

In 2020, Raya Holding incurred net losses of EGP 45.68 million, down from EGP 85.1 million a year earlier, including minority shareholders’ rights.