CAIRO: Qalaa Holdings, one of Egypt’s leading investment firms, has signed some agreements with Financial Holdings International (FHI), a major co-investor in Qalaa Holdings, to acquire some FHI subsidiaries, it said in a press statement.
Qalaa will simultaneously sell to FHI its holdings in multiple non-core business units.
“The transactions will result in a reduction of the holding company’s consolidated debt by 800 million EGP and are targeted to close by December 2015,” Qalaa said in the statement.
The assets that Qalaa Holding will increase its stake in include, ASEC Holding, NDT Convertible, TAQA Arabia, Mashreq, Nile Logistics, Dina Farms (retail supermarkets), and United Foundries.
Once the transaction is complete, Qalaa Holdings will have a majority stake in the said companies. In turn, the company will sell to FHI its stakes in MENA Homes (Designopolis Mall,) Grandviews, and Dina Farms Land Companies