Ostool’s largest shareholder is on track to become even larger: Raya Holding for Financial Investments has signed an agreement to purchase a 27.7% stake in its freight subsidiary Ostool from Egyptian Gulf Holding Financial Investments, EGBank’s investment arm, Raya stated in an EGX disclosure (pdf). The acquisition would boost Raya’s stake in Ostool to 90%.

A change of plan: Raya had been on track to sell its 62.3% stake in Ostool to Paradigm Logistics last year, but the sale didn’t go through because the buyer didn’t transfer the funds within the required time, Raya Holding CFO Hossam Husseintold us yesterday.

Why the 180? Ostool’s solid performance in recent years is behind Raya’s decision to up its stake, Hussein told us. Hussein declined to discuss the valuation at which the transaction would be executed.

Market reax: Raya’s shares rose 3.4% to EGP 2.75 on the EGX yesterday.

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