Source: Company Disclosure to EGX

Raya Holding for Financial Investments’ Board of Directors, in a meeting dated December 9, 2024, initially approved an offer received from Africa 50 to acquire a 42.9% stake in the total capital of Raya Data Center (RDC). RDC is 99% owned by Raya Information Technology (RIT), a fully owned subsidiary of Raya Holding. The proposed investment is valued at USD 15 million, with an estimated company valuation of USD 19.947 million.

RDC contributes approximately 5% of RIT's annual revenues, while RIT accounts for around 23% of Raya Holding's total revenues. As of 2023, RDC has paid-in capital of EGP 3 million and shareholders' equity amounting to EGP 43 million.

Following discussions, the Board approved the initial offer, which involved an investment transaction valued at USD 15 million. The proceeds are intended to support and finance the construction of a data center in Egypt.

The Board has authorized the Chairman and Managing Director to evaluate the offer, negotiate detailed terms, and finalize the contracts, subject to a comprehensive review. Additionally, the Chairman has been authorized to appoint an Independent Financial Advisor (IFA) to determine the fair value of RDC. The IFA’s findings will guide the negotiation process.

Raya Holding will share the minutes of the meeting after ratification by the Financial Regulatory Authority (FRA).

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