{"id":600039,"date":"2019-01-17T04:26:10","date_gmt":"2019-01-17T04:26:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/17\/raya-redirecting-egp-300-in-investments-outside-egypt\/"},"modified":"2019-01-17T04:26:10","modified_gmt":"2019-01-17T04:26:10","slug":"raya-redirecting-egp-300-in-investments-outside-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/17\/raya-redirecting-egp-300-in-investments-outside-egypt\/","title":{"rendered":"Raya redirecting EGP 300 in investments outside Egypt"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <b>Raya boss says he\u2019s redirecting EGP 300 mn in investments outside Egypt:<\/b> Raya Holding for Financial Investments is redirecting elsewhere up to EGP 300 mn of investments that were initially planned for Egypt, Chairman and CEO Medhat Khalil <a href=\"https:\/\/almalnews.com\/Story\/407097\/11\/-%D8%B1%D8%A7%D9%8A%D8%A9--%D8%A7%D9%84%D9%82%D8%A7%D8%A8%D8%B6%D8%A9-%D8%AA%D8%AD%D9%88%D9%84-%D8%AF%D9%81%D8%A9-%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1%D8%A7%D8%AA-%D9%84%D9%84%D8%AE%D8%A7%D8%B1%D8%AC\">tells Al Mal<\/a>. Raya is in talks to raise its stake in Poland\u2019s Makarony Polskie to 30%, putting it on equal footing with the Polish pasta-maker\u2019s biggest shareholder. The company is also expanding its electronic devices and home appliances distribution business in Nigeria. In the Gulf, Raya has established a logistics company at Dubai\u2019s Jebel Ali and will import electronics raw materials for resale to entities operating in the area. It has also finished the procedures for <a href=\"https:\/\/enterprise.press\/stories\/2019\/01\/16\/egypts-raya-to-launch-in-saudi-arabia-in-2h2019\/\">establishing a contact center company in Saudi Arabia<\/a>.<\/p>\n<p><b>Raya is also holding back on the potential listing or spin-off <\/b>of a number of its units, he told the newspaper.<\/p>\n<p><b>So why is Raya changing its mind about Egypt investments? Red tape:<\/b> Raya subsidiary BariQ\u2019s recycling factory halted production for over a month and a half after running out of raw material after the Environment Ministry revoked its approval of imports. The Administrative Control Authority stepped in to resolve the issue, but the factory, which exports most of its production to the US and Europe, cannot sell its output locally due to the absence of Egyptian standards. Raya has also faced licensing hurdles to sell or export products from several other facilities, including locally-assembled three-wheelers and frozen food products.<\/p>\n<p><b>All of this comes as Khalil is pushing ahead with a take-private bid for Raya<\/b>, which has transformed from a distributor and call-center operator into an investment company. That bid was effectively <a href=\"https:\/\/enterprise.press\/stories\/2018\/10\/31\/medhat-khalil-co-looking-to-submit-mto-for-raya\/\">forced on him by the Financial Regulatory Authority (FRA)<\/a>, which found that Khalil and related parties control a combined 42% stake in the company, a percentage that requires an MTO under s securities regulations. Khalil is bidding to <a href=\"https:\/\/enterprise.press\/stories\/2019\/01\/02\/khalil-bids-to-take-raya-private-following-egypts-fra-decision\/\">take Raya private<\/a> via a mandatory tender offer for 36.7% of the company\u2019s shares.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Raya boss says he\u2019s redirecting EGP 300 mn in investments outside Egypt: Raya Holding for Financial Investments is redirecting elsewhere up to EGP 300 mn of investments that were initially planned for Egypt, Chairman and CEO Medhat Khalil tells Al Mal. Raya is in talks to raise its stake in Poland\u2019s Makarony Polskie to 30%, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[7098,72,125,1914,1243,614,219,2380,4094],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-600039","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-africa","tag-enterpriseam","tag-investment-watch","tag-nigeria","tag-poland","tag-raya-holding","tag-saudi-arabia","tag-speed-round","tag-west-africa","wpautop","entry"],"acf":{"mongo_id":"4b98f2ed-067a-40af-a829-c022d3255089","is_powered_by":true,"section_story_id":"96309493-45f4-41c9-aa06-fe20d2d18fb9","story_type":"1","photo_url":"","photo_position":"above","related_issue":[600029],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Raya redirecting EGP 300 in investments outside Egypt - 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\/01\/17\/raya-redirecting-egp-300-in-investments-outside-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Raya redirecting EGP 300 in investments outside Egypt\" \/>\n<meta property=\"og:description\" content=\"Raya boss says he\u2019s redirecting EGP 300 mn in investments outside Egypt: Raya Holding for Financial Investments is redirecting elsewhere up to EGP 300 mn of investments that were initially planned for Egypt, Chairman and CEO Medhat Khalil tells Al Mal. 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The company had originally guided on EGP 16.00-17.91 per share. That makes the IPO worth about EGP 808 mn and\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":621740,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/18\/medhat-khalil-requests-deadline-extension-for-raya-mto\/","url_meta":{"origin":600039,"position":4},"title":"Medhat Khalil requests deadline extension for Raya MTO","author":"enterpriseam admin","date":"18 November 2018","format":false,"excerpt":"M&A WATCH- Medhat Khalil requests a deadline extension for Raya MTO: Raya Holding for Financial Investments founder Medhat Khalil has asked the Financial Regulatory Authority (FRA) to extend the 27 November deadline for him to make a mandatory tender offer for 100% of his company to January or February, he\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":596729,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/07\/raya-auto-plans-investing-egp-300-mn-in-making-motorcycles-and-electric-vehicles\/","url_meta":{"origin":600039,"position":5},"title":"Raya Auto plans investing EGP 300 mn in making motorcycles and electric vehicles","author":"enterpriseam admin","date":"7 July 2019","format":false,"excerpt":"INVESTMENT WATCH- Raya Auto plans to invest EGP 300 mn in three years: Raya Holding\u2019s automotive unit Raya Auto is planning to invest around EGP 300 mn over the coming three years to manufacture motorcycles and electric vehicles, CEO Tamer Abdel Aziz said, according to the local press. 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