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FINANCIAL NEWS
Misr Cement buys Qalaa Holding’s affiliates for USD125m
23 Nov 2015
(MENAFN) Egypt’s Misr Cement Qena purchased local ASEC Minya Cement and ASEC Ready Mix affiliated to Qalaa Holding for USD125 million, based on reports.
Qalaa Holding stated that going through with the deal will work on shrinking the debts on the level of the company and its subsidiaries by about USD117.4 million.
Moreover, Qalaa Holding’s strategy in 2015 targets taking down debts by exiting from some companies plus increasing its investments in some top affiliates.
Qalaa Holding, one of the biggest investment firms in Egypt, manages assets worth USD9.5 billion, among which are dozens of firms located mainly in Egypt.
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