Daily News Egypt

Qalaa Holding seeks to raise $300m from projects’ exits - Daily News Egypt

Advertising Area

Advertising Area

Qalaa Holding seeks to raise $300m from projects’ exits

The company exited Bank of Sudan, Sphinx Glass and Pharos Holding

Qalaa Holding (formerly known as Citadel Capital) is aiming to raise $300m medium term through exiting non-core projects, an official statement released to the Egyptian Stock Exchange read Monday.

The company recently exited its 80% stake in investment bank Pharos Holding for Financial Investment, at a value of EGP 40m. In 2014, Qalaa cut ties with two companies, selling its stake in the Bank of Sudan for $21m, and passing Sphinx Glass to Saudi Arabia’s Construction Products Holding Company for $114m.

In August, co-founder and managing director Hisham El-Khazindar told Daily News Egypt that the company expects  revenues from its non-core industries during the next three years to be $700m. The five core industries are energy, transportation, agri-foods, mining and cement.

Advertising Area

Breaking News

No current breaking news

Receive our daily newsletter