Egyptian businessman Medhat Khalil’s Raya Holding to secure $35.5-million loan

Yusuf Abdulfatai -

Raya Holding for Financial Investments, led by Egyptian business magnate Medhat Khalil, is in the final stages of securing a substantial loan valued at EGP1.1 billion ($35.5 million) for its subsidiary, Raya Information Technology Company.

Raya Integration, the parent company overseeing Raya Information Technology, is in advanced discussions to acquire a $35.5-million medium-term syndicated loan as part of its ambitious growth plans. This financing arrangement will be structured as credit limits, streamlining the issuance of bank letters of guarantee.

The primary objective of this facility agreement is to expedite the execution of the company’s new projects, with a particular focus on technical solutions. Furthermore, it will strengthen the development of information infrastructure, specifically catering to clients in the banking, communications, and information technology sectors.

Medhat Khalil’s stake in Raya Holding is worth $97 million

Established in 1999 following a merger between entities owned by Khalil and Orascom Group, Raya Holding has solidified its position as a prominent player in the Egyptian investment landscape.

Khalil firmly commands a commanding 58.1-percent majority stake in Raya Holding, boasting an impressive total of 1,245,661,205 shares.

With a current market valuation of EGP 3 billion ($97 million) for his holdings, he solidifies his standing as one of the most affluent investors in the Egyptian Exchange.

Raya Holding’s remarkable growth under Medhat Khalil

Under Khalil, Raya Holding reported a 105.95-percent surge in its profit after tax for the first half of 2023, from EGP170.13 million ($5.5 million) in H1 2022 to EGP350.4 million ($11.34 million), underscoring its status as one of Egypt’s most profitable conglomerates.

This notable profit increase can be attributed to the surge in the group’s revenues.

During the first half of 2023, Raya’s revenues reached EGP14.5 billion ($470 million), marking a significant upswing from EGP9.12 billion ($295.1 million) in the same period in 2022.