Raya Holding for Financial Investments (RAYA) announced that its board of directors has approved the offer submitted by Paradigm Logistics to acquire a stake in Raya’s subsidiary Ostool for Land Transportation, according to a statement filed to the Egyptian Exchange (EGX).

Accordingly, Raya will sell its 62.3% owned stake in Ostool to Paradigm Logistics for a total value of EGP 266.559 million, equivalent to EGP 4.94 per share.

Established in 1999 and listed on EGX in 2005, Raya operates within the software and services sector, focusing on information technology consulting and other services.

It has subsidiaries operating across North America, the British Islands, Northern Africa, Western Africa, and the Middle East.