(Ecofin Agency) - Egyptian investment holding company Raya has completed the sale of its subsidiary BariQ, two years after the deal was announced. The transaction is part of the company’s strategy to exit assets that have become non-core.  

Raya sold 6.5 million shares in BariQ for EGP496 million plus an additional EGP75 million, corresponding to a debt waiver, which makes a total of EGP571 million ($36.3 million). The shares in BariQ held by Raya Holding (98.76% stake) and its subsidiaries (1.24% stake) were sold to Intro for Waste Management and Material Recovery, a subsidiary of Intro Investment Holding. Raya now plans to focus on its core activities to achieve higher value for its shareholders.

"This deal allows us to meet our overall strategic goals and investment strategies. It will enable us to continue our efforts to maximize shareholder value. We will continue to focus on our core business segments and we plan to expand in the future,” said Medhat Khalil, Chairman of Raya Holding for Financial Investments.

Let's note that this deal marks the company's exit from the plastics recycling industry in Egypt.

Chamberline Moko