Raya Holding Plans IPO for Subsidiary on Egypt Bourse

Big 5

Egypt’s Raya Holding announced on Sunday that its wholly-owned affiliate plans to launch its IPO on the local bourse.

Raya Co. for Call Centers – wholly-owned subsidiary of Raya Holding for Technology & Telecommunications (RAYA.CA) – is currently restructuring its units and is conducting studies required for listing on the Egyptian Exchange (EGX).

The subsidiary’s shares were listed on the country’s central depository system of Misr for Central Clearing, Depository & Registry (MCDR), effective as of May 21, 2014.

Egypt’s bourse will see the debut of Arabian Cement shares before the end of Q2-14. It was the first private placement on EGX in more than three years.

Since the overthrow of autocrat Hosni Mubarak in 2011, EGX has not witnessed any major  initial public offerings (IPOs).