Cairo - Mubasher: The board of directors of Raya Contact Center approved the acquisition of 85% of Bahrain's Gulf Customer Experience, amounting to 335,829 shares.

The share purchase agreement and all other contracts related to the transaction will be signed for the acquisition of the company at a value of $14.320 million, the company said in a bourse disclosure on Sunday. 

According to a valuation report prepared by an independent financial advisor, Gulf Customer Experience has been valued at $15.797 million (BHD 5.93 million).

In May, the board of directors of Raya Contact Center approved submitting a binding acquisition proposal to acquire a contact centre services company operating in a GCC country. 

During the first quarter (Q1) of 2021, Raya Contact Center achieved net profits of EGP 2.04 million, down from EGP 10.3 million in the year-ago period, including minority shareholders’ rights.