Raya approves selling 31% stake in its transport arm

M&A WATCH- Raya approves sale of 31% stake in its transport arm: Raya Holding board of directors has agreed to sell a 31.16% stake in its Ostool Shipping Company to Paradigm Logistics for EGP 133 mn, according to an EGX filing (pdf). Raya will be selling 12.4 mn shares (half of its 62.3% stake), each priced at EGP 10.7, while the latest evaluation of Ostool shares were at EGP 3.34. The document makes no mention of whether Raya will retain management rights, which sources said last week was one of their conditions to agreeing to the sale.