Qalaa Holdings announced today that its business unit Gozour has signed a sale and purchase agreement - with Saudi Arabia’s Olayan Financing Company and its subsidiaries - for the sale of 100% of confectioner Rashidi El-Mizan
Qalaa Holdings (CCAP.CA on the Egyptian Exchange), an African leader in infrastructure and industry, announced today that its business unit Gozour has signed a sale and purchase agreement - with Saudi Arabia’s Olayan Financing Company and its subsidiaries - for the sale of 100% of confectioner Rashidi El-Mizan, for a total consideration (equity value) of EGP 518 million.
Qalaa Holdings currently has an effective ownership of 55% in Rashidi El-Mizan.
In addition to Qalaa’s proceeds from the sale, the transaction further delivers on Qalaa’s strategy for 2015 with a key element being deleveraging at the holding and platform company levels; a further EGP 237 million in debt will be deconsolidated from Qalaa’s consolidated financial statement as a result of the transaction.
EFG Hermes acted as Financial Advisor and Arab Legal Consultants as Legal Advisor to Qalaa Holdings on the transaction. CI Capital acted as Financial Advisor and Helmy, Hamza & Partners as Legal Advisor to Olayan Financing Company.
Previous Qalaa Holdings press releases on this subject and others may be viewed online from your computer, tablet or mobile device at qalaaholdings.com/newsroom
Qalaa Holdings (CCAP.CA on the Egyptian Stock Exchange) is an African leader in infrastructure and industry. Formerly known as Citadel Capital, Qalaa Holdings controls subsidiaries in core industries including Energy, Cement, Transportation & Logistics, and Mining. To learn more, please visit qalaaholdings.com.
Statements contained in this News Release that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of Qalaa Holdings. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Certain information contained herein constitutes “targets” or “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “seek,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Actual events or results or the actual performance of Citadel Capital may differ materially from those reflected or contemplated in such targets or forward-looking statements. The performance of Qalaa Holdings is subject to risks and uncertainties.
For more information, please contact:
Ms. Ghada Hammouda
CMO & Head of Marketing Communications
Tel: +20 2 2791-4439
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