Qalaa Holding’s mining arm Ascom will submit a EGP 641.0 mn purchase offer for Raya Holding’s entire 90% stake in freight subsidiary Ostool after its board greenlit the offer, according to a disclosure (pdf) to the EGX. The potential transaction values Ostool’s shares at EGP 8.22 each.

What’s next? Archer Financial Consulting will conduct a fair value study for Ostool. If it moves forward, Ascom will carry out the acquisition through one of its subsidiaries.

REMEMBER- Raya Holding upped its stake in Ostool to 90% back in 2023 after purchasing an additional 27.7% stake from Egyptian Gulf Holding Financial Investments, EGBank’s investment arm. Prior to that, Raya was looking to sell its 62.3% stake in Ostool, but the sale didn’t go through because the buyer didn’t transfer the funds within the required time.

MARKET REAX-Raya’s shares went up 0.4% at today’s trading to close at EGP 2.82 apiece, and Ascom saw its shares jump 5.4% to EGP 33.75 a pop.

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