Cairo – Mubasher: Raya Holding for Financial Investment announced that its board of directors has neither approved nor considered the sale of a non-controlling minority stake in Aman Holding for Financial Services.
Commenting on news reports about receiving offers from local institutions that seek to acquire a stake in Aman Holding for Financial Services, Raya Holding affirmed that any board decisions related to the matter will be disclosed, the company said in a bourse filing on Monday.
Raya previously revealed that it has restructured its non-banking financial services sector into a wholly-owned subsidiary, Aman Holding for Financial Services, with a paid-in capital of EGP 375 million.
Aman Holding for Financial Services owns 99% of Aman Financial Services (99%), 74.5% of Aman Micro Enterprise Services, and 99% of Aman Electronic Payment Technology.
It is noteworthy that during the first nine months of 2019, Raya Holding incurred net losses of EGP 58.16 million, versus net profits of EGP 58.6 million in the year-ago period, including minority shareholders’ rights.
