Raya Holding agrees to sell 90% stake in Ostool to Ascom in $12.4 million deal

Last updated: June 4, 2026 10:01 am

Feyisayo Ajayi - Head of Digital strategy and growth Published June 4, 2026

Raya Holding for Financial Investments, a Cairo-based conglomerate and key player in the Egyptian investment landscape, led by tycoon Medhat Khalil, has agreed to sell a 90% stake in its fleet and logistics subsidiary Ostool to Ascom, the mining arm of Qalaa Holdings, in a transaction valued at EGP641 million ($12.35 million).

The deal follows Ascom’s approval of a fair value assessment that places Ostool’s equity valuation at about EGP 712 million ($13.72 million). The agreed offer price of EGP8.22 ($0.15) per share reflects a roughly 30% premium to the EGP6.3 ($0.12) per share valuation determined by independent adviser Fact.

Revenue growth driven by outsourcing expansion amid profit decline

Raya Holding reported a 4.7% decline in net profit for the year ended Dec. 31, 2025, falling to EGP 323.91 million ($6.46 million) from EGP 339.88 million ($6.78 million) in 2024. The drop was largely attributed to the absence of a one-off foreign exchange gain recorded in the prior year.

Despite the profit decline, revenue rose 12.59% to EGP 2.84 billion ($56.62 million), up from EGP 2.52 billion ($50.29 million) a year earlier. Gross profit increased 9.5% to EGP 1.27 billion ($25.25 million), while EBITDA climbed 16.8% to EGP 742 million ($14.75 million).

Growth was driven by the expansion of business process outsourcing operations, improved utilization across delivery centers, and stronger offshore demand. Contact center services remained the largest contributor, generating EGP 1.52 billion ($30.22 million), or 53.7% of total revenue.

The hosting segment contributed EGP 767.3 million ($15.25 million), while insourcing services added EGP 546.8 million ($10.87 million). Offshore revenues, largely dollar-denominated, reached EGP 1.95 billion ($38.77 million), accounting for 68.6% of total revenue and strengthening the company’s hard-currency profile.

Egypt anchors regional expansion

Egypt remained the core revenue base, accounting for 81.4% of total income at EGP 2.31 billion ($45.92 million). The Gulf region contributed EGP 480.7 million ($9.56 million), up 16.9% year-on-year, while Poland generated EGP 46.5 million ($0.924 million).

Raya Holding for Financial Investments operates 15 delivery sites across Egypt, the UAE, Bahrain, Saudi Arabia, and Poland, serving more than 100 clients across telecom, banking, automotive, travel, and retail sectors.

The company, established in 1999 through a merger involving interests linked to Medhat Khalil and Orascom Group, remains majority-controlled by Khalil, who holds a 58.1% stake.

Looking ahead, Raya Holding is targeting expansion into new markets, selective acquisitions, and deeper integration of AI-driven tools to improve operational efficiency and service delivery, as competition intensifies in the global outsourcing industry.