ZAWYA: Ascom nears $13.6mln Ostool buy from Raya with 30% premium

About this update from Raya Holding For Financial Investments Sae

Staff WriterEgypt’s Ascom, the mining arm of Qalaa Holding, has approved a fair value study for its EGP 641 million ($13.6mln) acquisition of a 90% stake in fleet and logistics provider Ostool from EGX-listed Raya Holding, implying an equity valuation of EGP 712 million.The offer of EGP 8.22 per share is about 30% above the EGP 6.3 valuation set by private advisor Fact.Raya’s share price closed down 0.13% yesterday at EGP 7.47, while Ascom was up 14.1% at EGP 57.1 apiece.The transaction remains subject to shareholder and regulatory approvals.(Writing by Ahmad Mousa; editing by Seban Scaria)[email protected]: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

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