Qalaa expects final deal to exit “Misr Glass” in Q3: Correction
Qalaa Holdings (CCAP) logo

CAIRO: Qalaa Holdings, one of Egypt’s leading investment firms, announced Thursday it signed an initial agreement with some shareholders in Middle East Glass (MEG,) under which Qalaa would sell its stake in Misr Glass Manufacturing to MEG.

Qalaa has a 15.18 percent indirect stake in Misr Glass Manufacturing.

“The deal parties are targeting a final sale contract upon getting required approvals. The transaction will likely be completed during the third quarter in 2015,” Qalaa said in a statement to the Egyptian Exchange (EGX.)

Earlier in June, Qalaa said it had signed some agreements with Financial Holdings International (FHI), a major co-investor in Qalaa Holdings, to acquire some FHI subsidiaries.

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 a statement.

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