Raya Holding acquires 90% of Ostool for land transport

Egypt’s Raya Holding has successively acquired a 26.69 percent stake in Ostool company for land transport, it said in a bourse filing on Wednesday.

Ostool company for land transport is currently owned by Egyptian Gulf Holding for Financial Investment.

Raya Holding is set to own 90 percent of the company, after the completion of transferring shares and full payment of the deal’s value.

“The process of transferring shares is currently in progress, with ongoing efforts to secure the necessary approvals for the execution phase’s completion, after successfully concluding the full payment of the transaction value to sellers. Raya Holding company will own 90% of Ostool’s capital upon successful closure of the acquisition” the filling read.