Raya Holding for Financial Investment has signed, through its subsidiary, Raya Trade a partnership with Samsung Group to locally manufacture Samsung’s washing machines.
The deal includes manufacturing 9kg to 13kg washing machines in Egypt, Raya highlighted in a statement to the Egyptian Exchange (EGX).
The manufacturing of the washing machines is scheduled to start within the second half of 2018, the company added.
The company had previously posted a net profit of 87.9 million Egyptian pounds for the first nine months of 2017, up from 64.4 million pounds in 2016.
Raya’s capital amounts to 504.6 million Pounds distributed over 100.9 million shares at a par value of 5 pounds per share.