Cairo - Raya Holding for Financial Investments has signed an agreement to acquire 27.69% equity in Ostool for Land Transport Company.

Upon the deal, the listed company will acquire 23.98 million shares of Ostool, a subsidiary of Egyptian Gulf Holding for Financial Investments, according to a bourse disclosure.

Raya Holding is currently finalising the transfer of shares ownership and obtaining the necessary approvals to complete the transaction after paying the full value of the equity acquisition agreement.

Following the acquisition, Raya Holding's ownership of Ostool will increase to 90% of the capital.

In the first nine months (9M) of 2023, Raya Holding's net profits soared to EGP 489.22 million.

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