{"id":593241,"date":"2019-11-21T04:25:58","date_gmt":"2019-11-21T04:25:58","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/21\/raya-holding-and-subsidiaries-may-delist-from-egx-in-2020\/"},"modified":"2019-11-21T04:25:58","modified_gmt":"2019-11-21T04:25:58","slug":"raya-holding-and-subsidiaries-may-delist-from-egx-in-2020","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/21\/raya-holding-and-subsidiaries-may-delist-from-egx-in-2020\/","title":{"rendered":"Raya Holding and subsidiaries may delist from EGX in 2020"},"content":{"rendered":"

<\/a> Medhat Khalil <\/strong>warns<\/strong> Raya Holding could delist from EGX in 2020:<\/strong> Raya Holding<\/a> is considering delisting from the EGX, founder and CEO Medhat Khalil told Al Mal<\/a>. Khalil is also quoted as saying he would pull back from IPOs of other subsidiaries in the future. (The newspaper also quotes Khalil as saying that Raya could delist Raya Data Center, but we believe Raya Contact Center<\/a>, a comparatively new entrant to the EGX, is the company to which Khalil was referring.)<\/p>\n

Raya had <\/strong>told Enterprise back in 2019<\/a><\/strong> that it had no plans to delist from the <\/strong>exchange<\/strong> after a transaction that saw Khalil acquire an additional 27% of the company\u2019s shares in a mandatory tender offer into which he had been forced by the regulator.<\/p>\n

Now, Khalil has reportedly told Al Mal he doesn\u2019t see the EGX as being <\/strong>attractive to issuers<\/strong>, citing low turnover and insufficient investment- and tax-incentives. The delisting could take place in 2020 if the company decides to go ahead with the move, the paper quotes him as having said.<\/p>\n

Background: <\/strong>Raya and related companies continue to invest in Egypt (announcing or mulling commitments to an automotive assembly<\/a> venture, electric vehicles<\/a>, recyclables<\/a> and the food business<\/a>, among others, and landing funding from EBRD<\/a>), but founder Khalil is still seething after having been ordered by the Financial Regulatory Authority in 2018 to submit an MTO for Raya or sell down his stake. The FRA argued at the time that Khalil and related parties controlled a combined 42% of the company \u2014 a level of control that triggers the requirement for an MTO under securities regulations. Khalil had asked the Justice Ministry to mediate in an ongoing dispute with the FRA over an EGP 11 mn fine<\/a> with which he was hit in connection with the MTO.<\/p>\n","protected":false},"excerpt":{"rendered":"

Medhat Khalil warns Raya Holding could delist from EGX in 2020: Raya Holding is considering delisting from the EGX, founder and CEO Medhat Khalil told Al Mal. Khalil is also quoted as saying he would pull back from IPOs of other subsidiaries in the future. (The newspaper also quotes Khalil as saying that Raya could […]<\/p>\n","protected":false},"author":1,"featured_media":593242,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[102,68,72,78,614,4238,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-593241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-capital-markets","tag-egx","tag-enterpriseam","tag-ipo-watch","tag-raya-holding","tag-raya-trade","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"d66d8bee-3b03-4433-8181-b3829e68d6e6","is_powered_by":true,"section_story_id":"46ef69e5-98b4-4f2e-9217-0c04f5ecbb25","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/2\/194.jpg","photo_position":"above","related_issue":[593222],"teaser":"","voice_url":""},"yoast_head":"\nRaya Holding and subsidiaries may delist from EGX in 2020 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/11\/21\/raya-holding-and-subsidiaries-may-delist-from-egx-in-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Raya Holding and subsidiaries may delist from EGX in 2020\" \/>\n<meta property=\"og:description\" content=\"Medhat Khalil warns Raya Holding could delist from EGX in 2020: Raya Holding is considering delisting from the EGX, founder and CEO Medhat Khalil told Al Mal. 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In separate comments made to Al Mal the group\u2019s legal advisor, Hani Khalil, stated that\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/732.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":599528,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/02\/khalil-bids-to-take-raya-private-following-egypts-fra-decision\/","url_meta":{"origin":593241,"position":1},"title":"Khalil bids to take Raya private following Egypt\u2019s FRA decision","author":"enterpriseam admin","date":"2 January 2019","format":false,"excerpt":"M&A WATCH- Khalil launches bid to take Raya private: Raya Holding founder Medhat Khalil has submitted a mandatory tender offer for 36.7% of Raya, the Financial Regulatory Authority said in a statement to the EGX (pdf). Khalil is bidding for c. 46.3 mn shares at EGP 9.4 a share, bringing\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":572742,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/07\/court-postpones-ruling-on-raya-dispute-as-founder-medhat-khalil-seeks-settlement\/","url_meta":{"origin":593241,"position":2},"title":"Court postpones ruling on Raya dispute as founder Medhat Khalil seeks settlement","author":"enterpriseam admin","date":"7 July 2020","format":false,"excerpt":"DISPUTE WATCH- Court postpones ruling on Raya-FRA dispute as founder Medhat Khalil seeks settlement: The Cairo Economic Court has postponed a hearing that was scheduled for Sunday to look into an appeal by Raya Holding Chairman Medhat Khalil against a fine issued by the FRA for violating company ownership limits,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568589,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/28\/court-fines-rayas-medhat-khalil-more-than-egp-110-mn\/","url_meta":{"origin":593241,"position":3},"title":"Court fines Raya\u2019s Medhat Khalil more than EGP 110 mn","author":"enterpriseam admin","date":"28 January 2020","format":false,"excerpt":"DISPUTE WATCH- Court hands Medhat Khalil the largest fine in Egyptian capital market history: The Cairo Economic Court yesterday ruled in the Financial Regulatory Authority\u2019s (FRA) favor in its long-running dispute with Raya Holding\u2019s Chairman Medhat Khalil, according to Al Masry Al Youm. Khalil allegedly failed to pay an EGP\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/719.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":602927,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/10\/medhat-khalil-acquires-26-7-of-raya-holding-shares-in-mto\/","url_meta":{"origin":593241,"position":4},"title":"Medhat Khalil acquires 26.7% of Raya Holding shares in MTO","author":"enterpriseam admin","date":"10 April 2019","format":false,"excerpt":"M&A WATCH- Medhat Khalil acquires 26.7% of Raya Holding shares in MTO: Raya Holding Chairman Medhat Khalil bought 26.7% (56.919 mn shares) of Raya Holding through his El Pharonia Real Estate Investment at a cost of EGP 314.76 mn in a mandatory tender offer (MTO) that ended on Sunday, the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":621272,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/05\/medhat-khalil-to-appeal-date-and-price-of-mto-for-egypts-raya-holding\/","url_meta":{"origin":593241,"position":5},"title":"Medhat Khalil to appeal date and price of MTO for Egypt\u2019s Raya Holding","author":"enterpriseam admin","date":"5 November 2018","format":false,"excerpt":"** #2 Medhat Khalil to appeal the FRA-ordered date and price of Raya MTO: Medhat Khalil will appeal the date and price set by a Financial Regulatory Authority (FRA) as part of its order that he divest shares in the company he founded or launch a mandatory tender offer (MTO)\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/593241","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=593241"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/593241\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/593222"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/593242"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=593241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=593241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=593241"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=593241"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=593241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}