{"id":623867,"date":"2024-06-12T00:00:00","date_gmt":"2024-06-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/12\/phase-two-of-qalaas-debt-buyback-program-oversubscribed\/"},"modified":"2024-06-12T00:00:00","modified_gmt":"2024-06-12T00:00:00","slug":"phase-two-of-qalaas-debt-buyback-program-oversubscribed","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/12\/phase-two-of-qalaas-debt-buyback-program-oversubscribed\/","title":{"rendered":"Phase two of Qalaa\u2019s debt buyback program oversubscribed"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>That\u2019s a wrap on Qalaa\u2019s debt buyback program:<\/strong> Qalaa Holdings\u2019 USD 28 mn debt buyback program attracted EGP 1.7 bn (USD 35.9 mn) in subscription orders from shareholders in its second and final phase, which took place on 9 June, the company said in an <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/1038.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Oversubscribed: <\/strong>The subscription rate came in at 808%, so the Arab African International Bank \u2014 the recipient of requests from shareholders \u2014 will give each subscriber the \u201cproportionate amount\u201d between the total raised and the value of the second phase. The surplus will be reimbursed to the brokerage firms. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Qalaa Holdings\u2019s top team is also getting in on the action: <\/strong>Citadel Capital Partners \u2014 the vehicle through which the company\u2019s founders and top executives own their equity \u2014 subscribed to its full allotted share of the buyback program for USD 6.6 mn, according to an earlier <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/6\/733.pdf\" style=\"\" rel=\"noopener\">EGX disclosure (pdf)<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The debt buyback program is part of a wider plan to retire some USD 430 mn in foreign-currency debt. The first phase raised some <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/292b44dc-ab61-4d32-b767-347d7cfa3d1a\/%253cmark%253eqalaa%253c%2Fmark%253e-shareholders-have-bought-over-81%2525-of-its-debt-in-first-subscription-round\" style=\"\" rel=\"noopener\">USD 17.5 mn<\/a> from shareholders. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Want the full picture?<\/strong> We sat down with Qalaa founder and chairman Ahmed Heikal <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a12cc802-2c68-489e-8114-d91e647ee836\/the-inside-story-of-what%25e2%2580%2599s-really-happening-with-the%253cmark%253e-qalaa%253c%2Fmark%253e-holdings-debt-buyback\" style=\"\" rel=\"noopener\">last<\/a><a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a12cc802-2c68-489e-8114-d91e647ee836\/the-inside-story-of-what%25e2%2580%2599s-really-happening-with-the%253cmark%253e-qalaa%253c%2Fmark%253e-holdings-debt-buyback\" style=\"\" rel=\"noopener\">month<\/a> to find out more about the debt buyback program.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The debt buyback program is part of Qalaa\u2019s plan to retire some USD 430 mn in foreign-currency debt<\/p>\n","protected":false},"author":1,"featured_media":623868,"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":[7303],"tags":[102,7106,72,613],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-623867","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-capital-markets","tag-capital-markets","tag-debt","tag-enterpriseam","tag-qalaa-holdings","wpautop","entry"],"acf":{"mongo_id":"a85e72e7-a641-4739-93ec-05187b6b74a5","order":"6","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/1113.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Phase two of Qalaa\u2019s debt buyback program oversubscribed 808%","related_issue":[623858],"teaser":"The debt buyback program is part of Qalaa\u2019s plan to retire some USD 430 mn in foreign-currency debt","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.6a007290-9b20-41bb-89ee-fc69ea9f5343.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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We have reached the midway point of this hot week with two days left until the weekend and week long holiday. THE BIG STORY TODAY- That\u2019s a wrap on Qalaa\u2019s debt buyback program: Qalaa Holdings\u2019 debt buyback program raised EGP 1.7 bn (USD 35.9\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/570.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":644051,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/qalaa-holdings-sees-revenues-income-rise-in-1q-2024\/","url_meta":{"origin":623867,"position":2},"title":"Qalaa Holdings sees revenues, income rise in 1Q 2024","author":"enterpriseam admin","date":"19 September 2024","format":false,"excerpt":"Qalaa Holdings saw its net income after minority interest jump to EGP 7.2 bn","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1511.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":619898,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/13\/the-inside-story-of-whats-really-happening-with-the-qalaa-holdings-debt-buyback\/","url_meta":{"origin":623867,"position":3},"title":"The inside story of what\u2019s really happening with the Qalaa Holdings debt buyback","author":"enterpriseam admin","date":"13 May 2024","format":false,"excerpt":"Ahmed Heikal says the transaction will be good for shareholders as the company looks to shed up to USD 1.1 bn in debt this year","rel":"","context":"In &quot;Capital markets&quot;","block_context":{"text":"Capital 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