CAIRO: Egypt s Raya will appoint an independent valuation counselor to study Orascom Telecom s (OT) acquisition offer, Raya said on Wednesday.
The technology and communications firm said in a statement posted on the stock exchange Web site that its board meeting on Tuesday had decided the LE 12 Egyptian ($2.12) per share offer by OT was very low because it did not take into account Raya s strategic investments .
Raya said its maintenance and distribution operations have been expanding in Nigeria, South Africa and north western Africa.
Last week OT offered to buy Raya for some LE 684 million ($120.8 million).
Raya Chairman Medhat Khalil told Reuters then that the company was not considering selling any shares, but that the Capital Market Authority s laws obliged Raya to study the offer.
Raya operates in mobile phone distribution and IT services. It has a paid-in capital of LE 285 million and some 57 million shares at issue.
