Leading MENA Venture Capitalist Injazat Technology Fund strategically exits investment in Egyptian IT conglomerate Raya Holding
Injazat Technology Fund, the premier venture capital firm in the MENA region, has announced it has strategically exited its investment in Raya Holding, the largest IT holding company in Egypt, operating across the Middle East and Africa. This was announced by Hussein Rifai, CEO of Injazat Technology Fund.
Injazat Technology Fund had invested US$ 5.0 million in February 2003 in Raya for a 6.79 % stake in the company and on exit has yielded a high return of over 40%. This investment was essentially to fund the growth and development of several business units within Raya, in particular the Mobile Distribution business, Internet Service Provider (ISP) business and IT Integration and Services business.
In a strategic move prior to the IPO being floated by Raya Holdings, Injazat Technology Fund chose to exit in the offering. Mohammed Al Salman, Head of Investment Placement – Injazat Technology Fund stated further, “The stated mission of the Fund is to invest in non-listed private sector companies. With the stock exchange listing of Raya, all Injazat Technology Fund investors have the option of independently buying shares in the offering or in the market after accruing a very healthy capital return from Injazat’s investment”.
Commenting on the investment and strategic exit, Hussein Rifai, CEO – Injazat Technology Fund said, “Through our investment in Raya, we demonstrated our commitment to invest in quality companies as well as implementing one of Injazat`s main objectives, which is supporting the IT Industry in the MENA region”. We are happy to announce that we achieved a very healthy return on this investment of over 40% for our investors. It is also important to mention that this was the first IPO for an IT company backed by a venture capital fund in the region”.
Injazat Technology Fund was represented on the Raya board by Hussein Rifai, CEO, and more recently by Morten Kvammen, COO of Injazat Technology Fund. As members on the board of the company and as investors, Injazat added immense value to the operations of Raya. The company introduced its comprehensive Corporate Governance framework, preparing Raya for the rigorous decision making, control and reporting requirements of a publicly listed company. Injazat Technology Fund also conducted numerous strategy and business workshops to aid Raya in its development, and actively promoted the creation of new regional opportunities for Raya through cooperation with other companies in the Fund’s portfolio of investments.
About Injazat Technology Fund
Injazat Technology Fund is a US$ 50 million venture capital company that operates in compliance with the sharia`a. Injazat's mission is to maximize investor returns by nurturing growth businesses, give the shareholders an opportunity to spread and reduce risks by identifying and investing in a diversified portfolio of technology companies and participate in the development of information technology in the Middle East and North Africa (MENA). Injazat adds value, guides, builds and enhances the company's growth for the benefit of all parties who have a stake in its future success. "From the region For the region" is the main vision of Injazat.
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