Qalaa completes the first phase of debt buyback program: Qalaa Holdings’ USD 21.6 mn debt buyback program raised EGP 875.4 mn (USD 17.5 mn) from shareholders in the first phase that ran between 2-5 June, the company said in an EGX disclosure (pdf). The subscription rate came in at just over 81%.

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What’s next? A second subscription round for the remaining debt kicked off yesterday and will not restrict shareholders to their participation percentages that they followed in the first phase.

Want the full picture? We sat down with Qalaa founder and chairman Ahmed Heikal last month to find out more about the debt buyback program and the wider plan to retire some USD 430 mn in foreign-currency debt.

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