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Egypt’s Raya Holding Company for Financial Investments, the conglomerate led by Medhat Khalil, has submitted a mandatory tender offer to lift its stake in outsourcing unit Raya Customer Experience (RAYA CX) from 60.8 percent to 90 percent, according to a filing with the Financial Regulatory Authority (FRA).
The offer, lodged at a preliminary price of EGP7.5 ($0.155) per share, covers 184.6 million shares and values RAYA CX at about EGP1.54 billion ($31.7 million). The FRA said the offer is still under review. If approved, the move could pave the way for Raya Holding to delist the subsidiary from the Egyptian Exchange (EGX).
RAYA CX revenue surges as Raya seeks tighter control
RAYA CX, which runs customer care, contact center operations, and digital support for local and international clients, posted a 4.5 percent year-on-year rise in revenue to EGP1.32 billion ($27.16 million), with gross profit up 5.3 percent to EGP603.7 million ($12.44 million), maintaining a margin of 45.8 percent in the first half of 2025. The company has also moved into consultancy services, a step aimed at broadening its portfolio and opening new growth channels.
By securing up to 90 percent ownership, Raya Holding would gain greater flexibility in restructuring the outsourcing arm and could eventually move toward a buyout of minority shareholders. The plan reflects the group’s push to strengthen control of one of its most profitable businesses at a time when competition in Egypt’s outsourcing industry is heating up.
Holding company lifts profit on diversification
Raya Holding itself, founded in 1999 through a merger led by Khalil and Orascom Group, remains one of Egypt’s leading investment firms. Khalil holds 17.05 percent of the company, represented by more than 729 million shares, making him the group’s key shareholder.
The parent company’s performance has also been strong. In the first half of 2025, total assets expanded by 15.17 percent from EGP39.11 billion ($805.72 million) to EGP45.05 billion ($927.96 million). The group, which spans technology, outsourcing, retail and financial services, has seen its technology subsidiaries become an increasingly important driver of growth.
With RAYA CX expanding into consultancy and strengthening its outsourcing services, Raya Holding is positioning itself to capture more value from rising demand for customer support and business process solutions across the Middle East and North Africa.
