Raya sells Share in e-billing Fawry with $22mln

Raya Holding for Technology & Telecommunications to sell its equity in e-bill payment firm Fawry with 174.24 million Egyptian pounds (US$22.2 million ), the firm announced in a bourse filing Tuesday.

Raya’s board of directors decided to divest company’s stake, estimated at 2.51 million shares, to BSI Netherlands BV, the statement said.

Raya will pay all related expenses and commissions upon finalising the deal, which will reduce the deal’s value to EGP 163.66 million.

Raya’s board delayed a decision on talks currently held with a foreign investors as regards the latter’s request to share in the company’s private placement till reviewing the financial position and cash flows of Raya’s subsidiaries.