GULF-BASED COMPANY ACCEPTS RAYA CONTACT CENTER’S BINDING OFFER OF ACQUISITION

RAYA Contact Center had previously disclosed submitting a binding offer to acquire a majority stake of a Gulf-based Business Process Outsourcing (BPO) company. Now that the sellers have accepted the binding offer, the offered transaction will complement Management’s strategy to expand its presence in the region, and set foot in other regional markets, mainly the KSA. It will also increase the company’s service delivery facilities. 

In a statement to the Egyptian Stock Exchange, RAYA Contact Center revealed that they intend to acquire up to 100% of the share capital of the Gulf-based company, with a transaction value of USD 14.2 million, conditional to negotiating and executing all definitive agreements related to the transaction. 

Also, RAYA Contact Center’s board approved the appointment of an Independent Financial Advisor (IFA) to conduct a fair value exercise, as per the listing laws and regulations. In the first quarter of 2021, the company has achieved a net profit of EGP 2 million, compared to EGP 10.3 million during the comparative quarter of 2020.