Cairo – Mubasher: Raya Holding for Financial Investment’s board of directors has approved the establishment of a non-banking financial services company with EGP 100 million in issued capital.
The new company, Aman for non-banking services, will be set up with a paid-up capital of EGP 30 million, Raya Holding said in a statement to the Egyptian Exchange (EGX) on Wednesday.
The board also decided to establish Aman for securitisation with an issued and paid-up capital of EGP 5 million, the Cairo-based firm added.
Earlier this day, Raya Holding posted EGP 89.12 million in net consolidated profit for fiscal year 2018, versus EGP 103.22 million in 2017, including minority shareholders’ rights.
The company logged to EGP 7.9 billion in revenue last year, up from EGP 6.7 billion in 2017.
At the level of standalone business, the company achieved a profit of EGP 22.9 million in 2018, compared to EGP 515.8 million a year earlier.
