Raya Holding for Financial Investments will sell a 90% stake in its logistics subsidiary, Ostool, to Ascom. Ascom serves as the mining arm of Qalaa Holdings.
The acquisition is valued at EGP 640 million, or approximately USD 12.4 million. This transaction price represents a 30% premium over the fair value of the unit.
Ascom shares rose 14% following the announcement of the board's approval. The deal returns Ostool to the Qalaa Holdings umbrella after its 2010 launch as a joint venture between the two firms.