Qalaa Holdings is to acquire stakes in companies with leading positions in the energy, cement and transportation sectors. In a deal with co-investor Financial Holdings International (FHI), Qalaa Holdings is divesting assets in non-core business areas and acquiring stakes in subsidiaries that are core to Qalaa’s future as a holding company.
Qalaa is selling is stakes in MENA Homes, Grandview and Dina Farms Land Companies to FHI, and acquiring FHI’s stakes in cement company ASEC Holding, TAQA Arabia and Mashreq (energy), Nile Logistics (transportation), Dina Farms Supermarkets (food retail chain) and United Foundries (metallurgy).
The transaction will reduce Qalaa’s consolidated debt by ~EGP800 million and is due to close in December 2015.
Adapted from press release by Katherine Guenioui
Read the article online at: https://www.worldcement.com/africa-middle-east/25062015/qalaa-holdings-concentrates-on-core-assets-including-cement-68/