Qalaa ... enters into divestment mode
Qalaa in deal to sell key stake in Egypt glass company
CAIRO, July 6, 2015
Qalaa Holdings (formerly known as Citadel Capital), one of Egypt's largest investment companies, said it has entered into a preliminary agreement with key investors of Misr Glass Manufacturing Company (MGM) to divest its shares in the company.
This comes as part of the company's move to divest multiple non-core platforms and reduce consolidated debt.
As per the deal, Qalaa will be selling its stake in MGM to Middle East Glass Manufacturing Company, an Egyptian shareholding company, headquartered in Nasr City, said the company in a disclosure to the Egyptian Exchange.
Qalaa holds an indirect stake equivalent to 15.18 per cent of Misr Glass Manufacturing.
The final sale and purchase agreement could be executed in the third quarter of 2015 upon completion of all procedures and formalities, it added.-TradeArabia News Service