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Qalaa Holding gets interest-free bridge loan from CCP shareholders

Qalaa Holding gets interest-free bridge loan from CCP shareholders

ArabFinance: Qalaa Holdings (CCAP) said on Wednesday that two major shareholders have provided the company with an interest-free bridge loan to partially fund its share in the Egyptian Refining Company’s (ERC) last round of financing.

The EGX-listed firm added that the loan given resulted in the subscription, directly and through subsidiaries, in shares worth $4.7 million, according to a statement sent to the EGX.

Qalaa’s disclosure was regarding Citadel Capital Partners (CCP) – Qalaa’s major shareholder owned by the senior management of the company, and the Chairman Dr. Ahmed Heikal and his spouse selling 13.69 million and 5.86 million of Qalaa shares, respectively.

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