Raya board gives NBE preliminary approval for Aman minority stake purchase

M&A WATCH- Raya board gives initial nod to sale of minority stake in Aman to NBE: Raya Holding’s board of directors approved in principle an offer from state-owned National Bank of Egypt (NBE) to purchase a 20-25% of Raya subsidiary Aman Holding, Raya CEO Medhat Khalil tells the local press. The final value of the offer will be determined once NBE completes its due diligence, which is currently underway. The bank presented its offer to Raya earlier this week, after Raya had received 24 offers for a minority stake in Aman Holding from domestic and international investors in January.