Qalaa Holdings, which owns ASEC Cement, has announced that it has signed a sale and purchase agreement to divest its 80% stake in Pharos Holding. The agreement marks Qalaa Holdings’ exit from the Cairo-based investment bank, with the sale of 100% of the shares it owns both directly and indirectly. Pharos Holding is being acquired by a group of investors led by Pharos Holding’s Chairman and Founder, Dr Mohamed Taymour. The transaction is expected to close in February 2015.
“The exit of Pharos is part of executing our strategy to divest non-core businesses in a timely manner at the right valuations as we narrow our focus on core subsidiaries in sectors including energy, cement, agifoods, transportation and logistics and mining,” said Hisham El-Khazindar, Qalaa Holdings Co-Founder and Managing Director.
Ghada Hammouda, Chief Marketing Officer at Qalaa Holdings, added: “Management buyouts are entirely too rare in Egypt. It is a fantastic feeling for all of us at Qalaa – where we pride ourselves on our entrepreneurial spirit – to return full ownership of Pharos to a group led by the visionary entrepreneur who founded it.”
Adapted from press release by Louise Fordham
Read the article online at: https://www.worldcement.com/africa-middle-east/04022015/qalaa-holdings-to-exit-pharos-holding-267/