Raya -Egypt Rents Its New Cairo Building with EGP14 mln Annually

Raya Holding Co for Technology and Telecommunication S.A.E. (RAYA) finalized renting its buildings located in the Firth Settlement area which worth EGP14 million annually.

Eng. Mohammad Faris, CEO of Raya Smart Buildings said 2700 meter has been rented in favor of AstraZeneca plc a British-Swedish multinational pharmaceutical and biologics company.

Faris added that Bayer AG a German chemical and pharmaceutical company rented 2200 meter of the administrative building of the company financial district of compound V.

He pointed out that Raya monitored EGP700 million to invest in Smart Village’s portfolio.

Senior sources informed Amwal Al Ghad that Raya Holding Co is planning to boost its capital by EGP100 million for enhancing its investments in call centers and restaurants.

Amwal Al Ghad quoted Medhat Khalil, Raya’s CEO as saying the increasing of its capital will be through shareholders to buy new shares expected to be completed during the next February.

Khalil explained that Raya is aiming to launch restaurant chains within the current year, starting with ‘Raya Plaza’ that affiliated to the company in Sixth of October city.

The board of directors of Raya approved to file proposal for the general assembly regarding boosting the capital of Raya which issued in an authorized limit from EGP375.52 million to EGP470.52 million, move up by EGP100 million via a call for underwriting in additional shares at par value per share.

Raya’s business results revealed that it achieved EGP28.993 million net profits in the first nine months of 2013, against EGP13.24 million in 2012 move up by 119%.