Paradigm Logistics Limited’s acquisition of 31% stake in Raya Holding for Financial Investment’s Ostool for Land Transport was subject to contract signature but the coronavirus outbreak delayed the deal, CFO of Raya Holding Hossam Hussein said on Sunday.
Raya Holding announced in February that it had received a non-binding acquisition offer from Paradigm Logistics for a 31% stake in the former’s subsidiary Ostool, valued at EGP 133m.
Raya Holding currently holds a 62.3% stake in Ostool, which was founded in 2010 by Raya Corporation and Qalaa Holdings, and provides a range of transportation and logistics services.
Hussein said the company will give Paradigm Logistics the option to buy the rest of its stake in Ostool within 30 months.
Moreover, Raya Holding has received offers from several foreign and local investors for partial of full acquisition of its subsidiary BariQ for recycling PET plastic. The offers include injecting new investments into the company.
