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.