{"id":618544,"date":"2024-04-16T00:00:00","date_gmt":"2024-04-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/16\/qalaa-holdings-offloads-18-stake-in-taqa-arabia-in-debt-settlement-agreement\/"},"modified":"2024-04-16T00:00:00","modified_gmt":"2024-04-16T00:00:00","slug":"qalaa-holdings-offloads-18-stake-in-taqa-arabia-in-debt-settlement-agreement","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/16\/qalaa-holdings-offloads-18-stake-in-taqa-arabia-in-debt-settlement-agreement\/","title":{"rendered":"Qalaa Holdings offloads 18% stake in Taqa Arabia in debt settlement agreement"},"content":{"rendered":"

Qalaa offloads 18% of its stake in Taqa Arabia in debt settlement agreement:<\/strong> Qalaa Holdings has signed a debt settlement agreement with a number of banks to settle the entirety of its EGP 4.5 bn debt in exchange for a 17.68% stake \u2014 239 mn shares \u2014 in Taqa Arabia and a land plot overlooking the Nile, it said in a statement (pdf)<\/a>. <\/p>\n

The banks in question: <\/strong>Qalaa signed the agreement with Banque Misr, Banque du Caire, Arab African International Bank, and Al Ahli Bank of Kuwait. <\/p>\n

Qalaa can reacquire its shares: <\/strong>Qalaa \u2014 Taqa Arabia\u2019s parent company \u2014 will retain the right to repurchase its shares in the energy distribution company from the banks within the next five years, but if that doesn\u2019t happen the banks can resell the shares back to Qalaa in the sixth year. <\/p>\n

And for its loans owed to the AIB<\/strong>, Qalaa inked a separate debt restructuring and settlement agreement with the Arab International Bank (AIB), under which it will pay back USD 184 mn in installments between 2024 and 2033 at an interest rate equivalent to the secured overnight financing rate.<\/p>\n

Advisors: <\/strong>The Arab International Law Firm represented the banks in the transaction, while Zulficar and Partners represented Qalaa Holdings and its subsidiaries.<\/p>\n

MARKET REAX- <\/strong>Qalaa shares on EGX jumped by 19.6% at yesterday\u2019s close following the news.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company will retain the right to repurchase its shares in Taqa Arabia within the next five years<\/p>\n","protected":false},"author":1,"featured_media":618545,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7274],"tags":[88,72,613,615],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-618544","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt-watch","tag-enterpriseam","tag-qalaa-holdings","tag-taqa-arabia","wpautop","entry"],"acf":{"mongo_id":"bcf5cb2f-3ac0-44bc-acfc-663be1713a73","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/958.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Qalaa Holdings offloads 18% stake in Taqa Arabia to banks in debt settlement agreement","related_issue":[618535],"teaser":"The company will retain the right to repurchase its shares in Taqa Arabia within the next five years","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/4\/.837a1cc1-cfe8-4c5c-828e-f2595490c13d.mp3"},"yoast_head":"\nQalaa Holdings offloads 18% stake in Taqa Arabia in debt settlement agreement - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/04\/16\/qalaa-holdings-offloads-18-stake-in-taqa-arabia-in-debt-settlement-agreement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Qalaa Holdings offloads 18% stake in Taqa Arabia in debt settlement agreement\" \/>\n<meta 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the energy distribution company from the banks for the next five years","rel":"","context":"In "DEBT WATCH"","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/958.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590808,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/26\/military-owned-institution-acquires-20-of-taqa-arabia\/","url_meta":{"origin":618544,"position":1},"title":"Military-owned institution acquires 20% of Taqa Arabia","author":"enterpriseam admin","date":"26 July 2023","format":false,"excerpt":"Taqa sold its shares at a 46% discount to market value","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A 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TAQA\u2019s EGX debut is currently slated for\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569742,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/05\/qalaa-hires-grant-thornton-for-taqa-arabia-fair-value-study\/","url_meta":{"origin":618544,"position":5},"title":"Qalaa hires Grant Thornton for TAQA Arabia fair value study","author":"enterpriseam admin","date":"5 March 2020","format":false,"excerpt":"IPO WATCH- Qalaa hires Grant Thornton for TAQA Arabia fair value study: Qalaa Holdings has hired audit and advisory firm Grant Thornton to conduct a fair value assessment ahead of the IPO of its subsidiary TAQA Arabia, scheduled to take place in 2Q2020, the local press reports, citing informed sources.\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/618544","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=618544"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/618544\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/618535"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/618545"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=618544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=618544"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=618544"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=618544"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=618544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}