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Raya Holding Plans IPO Of Egypt Data Centre Business For Q2 2017

Company is set to try and enter the local stock exchange after it had to postpone the IPO due to weak financial performance.
06.02.17 | Source: Data Economy

Egyptian telecommunications and IT group Raya Holding, the parent company of Raya Data Center, is reading the data centre unit’s IPO and plans to enter the Egyptian Exchange (EGX) during Q2 of this year.

Raya Data Center CEO Reem Asaad told Daily News Egypt, a portion of the company’s shares will start to be offered by then.

Sources said the IPO will be based on 35% of Raya Data Center’s capital. Due to being a private company, it is unknown how much this percentage translates into.

Raya Holding for Financial Investment SAE’s board of directors have decided to carry out the IPO on the equity owned by the group regarding the data centre business unit.

According to the latest financial results posted by Raya Holding, the group’s equity tops 10% of Raya Data Center’s total property rights.

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