Egypt’s Raya says its two units acquire Itsalat International i2

Egypt’s Raya Holding for Financial Investments said on Monday its two units, had acquired 99.95 percent stake in Itsalat International (i2).

Raya Distribution and Raya Electronics signed an agreement to buy 936,300 shares of Itsalat International – Egypt (i2) for 106.9 Egyptian pounds ($6.80) per share as well as the repayment of a shareholder loan worth 78 million pounds, Raya Holding said in a bourse filling.

Established in 1993 as Itsalat International, i2 is a leading mobile provider in the region.