Ascom board approves fair value study to buy 90% of Raya’s Ostool

Ascom’s board of directors approved a fair value study to acquire a 90% stake in Raya Holding’s Ostool Transport and Logistics, bringing Qalaa Holdings’ mining arm one step closer to executing the EGP 641 mn buyout, according to two EGX filings (here, pdf and here, pdf). The board greenlit the purchase of nearly 77.9 mn shares, offering EGP 8.22 apiece — a 30.5% premium over the EGP 6.3 fair value (pdf) set by independent financial advisor Fact.

REFRESHER- This is Raya’s latest attempt to exit the land logistics sector after a previous agreement to sell the unit to Paradigm Logistics, which collapsed in 2022 after the buyer failed to transfer funds. Raya then reversed course in late 2023, consolidating its ownership in Ostool to 90% before Ascom submitted its initial buyout offer in June 2025.

A full-circle moment: Founded in 2010 as a joint venture between Raya and Qalaa, Ostool is essentially returning home. The firm — which provides fleet and transport services to industrial, energy, and construction players — will slide back under Qalaa’s umbrella following a six-year divestment orbit.

Next steps? Both Ascom and Raya’s shareholders will likely still need to sign off before the parties can move forward with the actual ownership transfer and any remaining regulatory approvals.

MARKET REAX- Raya’s stock closed down 0.13% yesterday at EGP 7.47, while Ascom gained 14.1% to EGP 57.1.

ADVISORS- Fact served as the independent financial advisor for the fair value study, which was audited and signed off by Zarrouk & El Salawy.