Fayez Rasamny acquires
more shares in RYMCO

Value of acquisition is $9.6 million

Local firm Shift sal Holding has acquired the shares of Kuwaiti firm Mohamad Abdul Mohsen al Kharafi and Sons at Rasamny Younis Motor Company (RYMCO), the exclusive dealer of Nissan, Infiniti, and other car brands.

Shift, whose main shareholder is Fayez Rasamny, bought 3.1 million Class B shares at a value of $9.6 million. Rasamny is also chairman of RYMCO. He currently owns around six percent of the shares.

The purchased shares represent 38.07 percent of total shares of RYMCO. The company is formed of 27.3 million shares. The price per share was set at $3.07. At this price, the company’s equity stands at $84 million.