Cairo – Mubasher: The board of directors of Raya Holding for Financial Investments approved a decision to raise the paid-up and issued capital of its subsidiary Raya Electronics.
The subsidiary’s paid-up and issued capital will be increased by EGP 60 million to EGP 100 million from EGP 40 million, the company said in a bourse disclosure on Sunday.
The move is aimed at financing the company’s capital needs and strengthening its financing structure and working capital.
In addition, the board also approved the establishment of Raya Agro with a capital of EGP 5 million. The new company will be specialised in the production of frozen fruits and vegetables.
Moreover, the board decided to increase the paid-up ad issued capital of Raya Restaurants to EGP 82 million from EGP 67 million.
Additionally, a proposal was approved to transfer the major shareholder balance of EGP 51.5 million to an interest-free loan to support Raya for Food and Beverage.
During the first quarter (Q1) of 2021, Raya Holding turned to net profits of EGP 35.80 million, against net losses of EGP 68.80 million in the year-ago period, including minority shareholders’ rights.
