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Qalaa Holdings signs sale and purchase agreement

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World Cement,

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

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