Raya Holding for Financial Investments, an investment group founded by Egyptian tycoon Medhat Khalil, has become the full owner of Haier-Raya Electric after purchasing a 10.27-percent stake in the venture.
The Egyptian investment group has successfully purchased an additional 300,000 shares (10.27 percent) in Haier-Raya Electric in a deal valued at EGP47.74 million ($2.42 million), according to the information contained in a bourse filing obtained by Billionaires.Africa.
Haier-Raya Electric, based in Egypt’s 6th of October City, manufactures and produces a variety of home appliances as part of a joint venture between Raya Holding and Haier, a Chinese multinational home appliances and consumer electronics company.
The transaction, which increased Raya’s stake in the joint venture firm to 100 percent of Haier-Raya Electric’s capital, was completed after the investment group completed all necessary legal procedures and obtained approval from competent authorities such as the Financial Regulatory Authority and the Egyptian Exchange.
Raya Holding is an Egyptian investment conglomerate established in 1999 through the merger of entities owned by Khalil and Orascom Group. Khalil owns 58.1 percent of the company, or 1,245,661,205 shares.
Under the leadership of Khalil, Raya Holding has grown into a leading brand in Egypt since its inception in 1999, with its diverse operations generating a net profit of EGP541.4 million ($34.5 million) in 2021, compared to a net loss of EGP45.7 million ($2.9 million) in 2020.
Nearly three weeks ago, one of Raya Holdings’ subsidiaries, Raya Contact Center announced plans to launch a branch in Dubai as part of an effort to diversify its operations by expanding into the Gulf region.
The Dubai unit is expected to consolidate the group’s existing Middle East and North African operations and partnerships, as Raya Contact Center will hold a 100-percent stake in the new company’s capital under the terms of the arrangement.
