Cairo - Mubasher: The board of directors of Raya Holding for Financial Investments has authorised its wholly-owned subsidiary Madova Sp. Z.O.O. to proceed with the acquisition of 461,300 shares or 4.99% of Makarony Polskie for $830,000.
The transaction will raise Raya's indirect stake in the Polish firm to 24.38% from 19.39%, the company said in a bourse disclosure on Wednesday.
The company agreed to subscribe to the rights issue of Makarony Polskie with a value of up to $1.2 million to finance its investment and expansion plans.
During the first quarter (Q1) of 2021, Raya Holding turned to net profits of EGP 35.80 million, against net losses of EGP 68.80 million in the year-ago period, including minority shareholders’ rights.
