Raya Holding [RAYA.CA] intends to undertake listings for some of its subsidiaries, the proceeds of which would be used to reduce debt of EGP1.8bn, mostly foreign currency denominated, at the holding-company level, according the company’s Chairman and CEO, Medhat Khalil. This will be done through stake sales and capital increases for five subsidiaries in the next three years, he added, which will start with the IPO of Raya Distribution following the IPO of Raya Contact Center (RCC) [RACC.CA] earlier in 2017. Raya Holding will increase investments in 2018 in the food sector through its Sadat City factory and will kick-off a car manufacturing investment. Moreover, the company outlined three strategic sectors for 2018, namely local manufacturing, exports and electronic payments.