M&A WATCH- FRA agrees to MTO announcement for Raya: The Financial Regulatory Authority (FRA) has agreed to publish El Pharonia for Real Estate Investment’s mandatory tender offer (MTO) announcement for Raya Holding for Financial Investments, it said in a statement (pdf). El Pharonia, owned by Raya Holding Chairman and CEO Medhat Khalil, aims to buy 36.7% (78.6 mn shares) of the company. The FRA ordered Khalil last year to submit an MTO for Raya, saying he and related parties control a combined 42% stake in the company, a percentage that requires an MTO under securities regulations.

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