Qalaa Holdings (CCAP.CA on the Egyptian Exchange), an African leader in energy and infrastructure, announces today that its subsidiaries ASEC Cement and ASEC Cement Djelfa Offshore have signed a preliminary Share Purchase Framework Agreement (subject to certain terms and conditions) to sell 100% of ASEC Ciment Algérie “AACC” (Djelfa) for consideration of US$ 60 million in DZD equivalent. The acquiring party is a consortium of Algerian investors.
AACC has a license to build a 3 million ton per annum cement plant in the city of Djelfa, Algeria.
“This transaction further delivers on our strategy of divesting non-essential assets and significantly reducing financial risk by deleveraging at the holding and platform company levels. Our aim is to re-focus management bandwidth on holdings with high growth potential including energy, transportation and logistics, and mining,” said Qalaa Holdings Chairman and Founder, Ahmed Heikal.
The transaction, which is subject to conditions precedent, is expected to close by year-end 2016. Qalaa’s effective (indirect) ownership of AACC (Djelfa) stands at approximately 37%.
Qalaa Holdings(CCAP.CA on the Egyptian Stock Exchange) is an African leader in energy and infrastructure. Formerly known as Citadel Capital, Qalaa Holdings controls subsidiaries in industries including Energy, Cement, Agrifoods, 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
Fax: +20 22 791-4448
Mobile: +20 106 662-0002