Raya Negotiates International Banks on EGP 250mln Loan

Raya Company is negotiating with two international banks on a Loan of 250 million EGP to finance Raya projects of Smart Buildings.

Engineer Medhat Khalil –President of Raya Holding Company- stated to Amwal Al Ghad that the company has finished all negotiations related to the loan, and he expected that the company to get the loan during next July by the end of presidential elections, and he refused to name the candidate banks until the company acquires the loan.

Khalil mentioned that the loan will be directed to expand the company’s plan of investments, especially in the field of smart buildings, through expanding their scope of business, as this step aims at diversifying the company’s sources of income, and creating more value for shareholders.

Khalil also said that the company has acquired a number of approvals to construct a these units in 6th of October City, Smart Village, and the 5th Avenue.

He mentioned that the company’s original intention was to acquire this loan from a consortium of local banks, but negotiations was hindered, so the company sorted to international financing institutions.

Khalil said that “Raya for Smart Buildings” owns a land portfolio of about 26600 sq meters, with building areas of 115,000 sq meters in 6th of October City and Smart Village, as the investment cost of these buildings is amounted to 700 million EGP within the next 3 years.