Qalaa Holdings strikes deal with four banks to settle over EGP 13B debt
Updated 4/16/2024 7:51:00 AMArab Finance: Qalaa Holdings has reached an agreement with four banks to clear a hefty debt exceeding EGP 13 billion, as per a statement.
The deal involves financial institutions including Banque Misr, Banque du Caire, Arab African International Bank, and Al Ahli Bank of Kuwait.
As part of the agreement, Qalaa Holdings will sell off 17.68% of its subsidiary TAQA Arabia, amounting to 239.12 million shares, to offset EGP 4.54 billion in debt.
Notably, Qalaa retains the option to repurchase these shares within a five-year period, while the banks hold the right to resell them back in the sixth year.
Additionally, the deal encompasses various assets, including a prime 60,127 square meters land plot along the Nile in Tibeen area, as well as provisions for currency and stock price fluctuations.
Established in 2004, Qalaa Holdings is a leading private equity company in Africa and the Middle East that invests in several core industries, including energy, cement, agrifoods, transportation, logistics, mining, printing, and packaging. It also provides asset management services, including fund and portfolio management as well as investment banking services, including financial advisory services on mergers and acquisitions.
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