Thursday 13, April 2017 by Georgina Enzer

Raya Contact centre S.A.E. announces the successful pricing of its public offering

Raya Contact Centre S.A.E. (“RCC”, the “Company” or the “Issuer”) successfully concluded the bookbuilding process for, and the pricing of, the international offering to institutional investors of 44,094,600 existing ordinary shares at a price of EGP 16.50 per ordinary share (the “Offer Price”).

The institutional offering was c.4.0x oversubscribed.

At the offer price, the market capitalisation of the Company is EGP 1.65 billion ($92 million) prior to the execution of the Closed Subscription. The offering will include (i) an international offering to institutional investors, (ii) an Egyptian retail offering to retail investors in Egypt (collectively the “Combined Offering”) and (iii) a closed subscription wherein the Issuer will offer to the selling shareholder the right to, and the selling shareholder has agreed to, subscribe for new shares (the “Closed Subscription Shares”) with a value of EGP 100,000,000 (calculated as the number of shares to be purchased in the Closed Subscription multiplied by the Offer Price).

The International offering shares, the Egyptian retail offering shares and the closed subscription shares will be offered and sold at the offer price. The combined offering will consist of 48,994,000 ordinary shares, including 44,094,600 shares for the International Offering and 4,899,400 shares in the Egyptian Retail Offering. Subscriptions for the Egyptian Retail Offering will close on Thursday, 20 April 2017.

Trading on the EGX is subject to the EGX’s permission once allocations meet the requirements published in the Public Subscription Notice (“PSN”) for the Egyptian Retail Offering. These requirements include a minimum of 300 shareholders and a free float of at least five per cent. RCC is a leading provider of business process outsourcing (“BPO”), serving multiple clients in Europe and the Middle East with 77 per cent of revenues generated is denominated in foreign currency, predominantly in USD as at November 30, 2016.

The Company operates from facilities in Egypt, as well as in Dubai, UAE and Warsaw, Poland – delivering its services in over 25 languages. RCC was founded in 2001 and is currently a subsidiary of the Selling Shareholder, a leading Egyptian group of companies in a variety of industries.

RCC believes that it enjoys a market leading position in the Egyptian contact centre outsourcing (“CCO”) market.

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