Cairo – Mubasher: Raya Holding for Financial Investment has authorised its subsidiary Raya Distribution to proceed with the establishment of a new company for electronic trading and distribution.
The company's authorised capital is valued at EGP 1 billion, while the issued and paid-up capital amounts to EGP 10 million, according to a bourse filing on Monday.
The new company will launch a state-of-art electronic and digital platform to offer distribution services, electronically deliver devices, mobile phones, and mobile communication devices to retailers, as well as obtain credit facilities.
It is noteworthy to mention that in the first quarter (Q1) of 2022, the consolidated net profits of Raya Holding increased by 49.6% to EGP 53.58 million, compared to EGP 35.80 million in the same period of 2021.
