Qalaa chairman increases CCP stake by 4pc
Cairo, July 17, 2014
Qalaa Holdings chairman and founder has increased his stake in Citadel Capital Partners, which is a lead investor in the company, by four per cent.
The transaction brings Ahmed Heikal’s ownership of CCP to 58.84 per cent, said a statement.
CCP is the vehicle through which senior management of Qalaa Holdings hold their equity in the firm. CCP has just completed a capital increase subscribed to by CCP partners at a price of EGP 5 (69 cents) per share.
Hisham El-Khazindar, co-founder and managing director of Qalaa and Karim Sadek, managing director, maintained their share of CCP intact at 19.32 per cent and 13.11 per cent respectively, it said.
The transaction did not result in any increase in CCP ownership in Qalaa Holdings, which currently stands at 25.6 per cent, it added.
“I am exceptionally optimistic about the prospects for growth not just in Egypt but also in Africa,” said Heikal.
“There is no better means of underscoring this than by a transaction of this nature. Ensuring that our team has the means to build personal ownership in the firm is a key tool that aligns the interests of Qalaa Holdings staff with those of our shareholders,” he said.
“We have a strong and deep managment team in place and a large number of fantastic portfolio companies that operate in key sectors that will be beneficial to Egypt as the country embarks on a new path towards reform,” Heikal added. - TradeArabia News Service