Cairo – Mubasher: Raya Holding for Financial Investments has received board approval to take part as an anchor investor in a new venture capital fund established by “a prominent fund manager”.
The close-ended fund will co-invest in tech startups in the Middle East, Raya Holding said in a bourse disclosure on Sunday.
The fund’s portfolio will cover fintech solutions, e-commerce, e-learning, and distribution sectors.
“The move comes as part of Raya Holding’s continued efforts to further expand its investment portfolio across traditional industries as well as up-and-coming tech-based ventures.”
Last week, Raya Holding said it will invest about EGP 100 million in a new venture capital fund.
Moreover, the company also announced that the board of directors approved to proceed with acquiring 100% of the shares of Itsalat International – Egypt (i2) and United Retail Company (URC) from Bahrain's DTR Distribution LLC.
During the first nine months of 2020, Raya Holding for Financial Investments incurred net losses of EGP 53.69 million, down from EGP 58.16 million in the year-ago period.
