Raya Inks Netting Contract to Found New Firm Worth EGP35 mln

By Yomna Yasser On Sep 17, 2013

The board of directors of Raya Holding for Technology and Communications – (RAYA.CA) has initially given a nod to sign netting contracts with Board members Mr. Ahmed Medhat Mohamed Ibrahim Khalil and Mr. Saifullah Qatra Saady Hassan Qatry to found a new firm.

As pursuant to the new netting contracts, Raya is set to establish a new firm with issued capital of EGP 35 million by 1 % sharing of Raya.

Raya added that its affiliate Raya Investments and Consultations would share by 84 % and the other investors by 15 %.