Qalaa Holdings signs sale, purchase agreement for Rashidi El-Mizan
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Qalaa Holdings (CCAP.CA on the Egyptian Exchange), an African leader in infrastructure and industry, announced today that its business unit Gozour has signed a sale and purchase agreement – with Saudi Arabia’s Olayan Financing Company and its subsidiaries – for the sale of 100% of confectioner Rashidi El-Mizan, for a total consideration (equity value) of EGP 518 million.

Qalaa Holdings currently has an effective ownership of 55% in Rashidi El-Mizan.

In addition to Qalaa’s proceeds from the sale, the transaction further delivers on Qalaa’s strategy for 2015 with a key element being deleveraging at the holding and platform company levels; a further EGP 237 million in debt will be deconsolidated from Qalaa’s consolidated financial statement as a result of the transaction.

EFG Hermes acted as Financial Advisor and Arab Legal Consultants as Legal Advisor to Qalaa Holdings on the transaction. CI Capital acted as Financial Advisor and Helmy, Hamza & Partners as Legal Advisor to Olayan Financing Company.

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