Arab Finance: The extraordinary general meeting (EGM) of Qalaa Holdings, dated October 28, has been informed of the agreement to raise the company's indirect ownership in Egyptian Refining Company (ERC) from 13% to 27.1%, and to increase its holding in TAQA Arabia by around 5%, as per a disclosure.
Attendance represented nearly 2.529 billion shares, equivalent to approximately 59.84% of Qalaa’s shares.
In September, the company's board approved purchasing an additional stake in ERC to raise its indirect stake in ERC to 27.1% from 13%.
It is worth noting that Qalaa unveiled last June that it could become the majority shareholder in TAQA Arabia, with its ownership potentially exceeding 55% through a combination of future share purchase rights and planned acquisitions.
The EGM also approved an increase in issued capital as per the disclosure report published on October 1, under Article 48 of the Egyptian Exchange’s (EGX) listing and delisting rules.
Moreover, it endorsed the uses of proceeds expected from the planned capital increase, totaling about EGP 3.867 billion, as outlined in the financial and investment feasibility study published on October 4, at the request of the Financial Regulatory Authority (FRA).
Alongside the capital increase, shareholders adopted a mechanism to settle shareholders’ current accounts arising from the restructuring approved by the ordinary general assembly on July 6, 2023.
On September 10th, the company’s board agreed on the capital increase from EGP 21.132 billion to EGP 25 billion. The capital hike amounts to EGP 3.867 billion and is divided into 773.536 million shares at a value of EGP 5 per share.
Qalaa Holdings is an Egypt-based company engaged in private equity investment activities, managing an investment portfolio that spans various industrial sectors, including energy, cement manufacturing, mining, and metallurgy.
