On 10 November, Qalaa Holdings announced that its business unit, Gozour, has signed a sale and purchase agreement with Saudi Arabia’s Olayan Financing Company. Qalaa Holdings is a key leader in African infrastructure and industry, controlling subsidiaries in core industries including energy, cement and mining.
The agreement is for the sale of 100% of Rashidi El-Mizan, for a total consideration of EGP518 million. Up until this point, Qalaa Holdings has had an effective ownership of 55% in Rashidi El-Mizan.
Along with Qalaa’s proceeds from the sale, the transaction further delivers on Qalaa’s strategy for 2015, a key element of which was deleveraging at the holding and platform company levels. A further EGP237 million in debt will be deconsolidated from Qalaa’s consolidated financial statement as a result of the transaction.
EGF Hermes acted as Financial Advisor and Arab Legal Consultants as Legal Advisor to Qalaa Holdings.
Adapted from press release by Rebecca Bowden
Read the article online at: https://www.worldcement.com/africa-middle-east/11112015/qalaa-holding-signs-sale-and-purchase-agreement-958/