{"id":624318,"date":"2018-09-05T04:01:39","date_gmt":"2018-09-05T04:01:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/05\/qalaa-in-talks-to-increase-stake-in-erc-through-capital-increase\/"},"modified":"2018-09-05T04:01:39","modified_gmt":"2018-09-05T04:01:39","slug":"qalaa-in-talks-to-increase-stake-in-erc-through-capital-increase","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/05\/qalaa-in-talks-to-increase-stake-in-erc-through-capital-increase\/","title":{"rendered":"Qalaa in talks to increase stake in ERC through capital increase"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>** #6 Qalaa Holdings is in talks to increase its stake in the Egyptian Refining Company (ERC) through a capital increase, <\/strong>Managing Director <u><a href=\"https:\/\/alborsaanews.com\/2018\/09\/04\/1129363\">Hisham El Khazindar said yesterday<\/a><\/u>. The refinery is now 98% complete and is expected to be a major driver of revenue expansion starting next year. El Khazindar <u><a href=\"http:\/\/almalnews.com\/Story\/388215\/11\/%D9%87%D8%B4%D8%A7%D9%85-%D8%A7%D9%84%D8%AE%D8%A7%D8%B2%D9%86%D8%AF%D8%A7%D8%B1-%C2%AB%D8%A7%D9%84%D9%82%D9%84%D8%B9%D8%A9%C2%BB-%D8%AA%D8%B3%D8%AA%D9%87%D8%AF%D9%81-%D8%A7%D9%84%D8%AA%D8%AD%D9%88%D9%84-%D9%84%D9%84%D8%B1%D8%A8%D8%AD%D9%8A%D8%A9-%D8%A7%D8%A8%D8%AA%D8%AF%D8%A7%D8%A1-%D9%85%D9%86-%D8%A7%D9%84%D8%B9%D8%A7%D9%85-%D8%A7%D9%84%D9%85%D9%82%D8%A8%D9%84\">told Al Mal<\/a><\/u> that trial operations at the USD 4 bn refinery are set to <u><a href=\"https:\/\/enterprise.press\/stories\/2018\/06\/14\/erc-begins-running-boilers-after-connecting-refinery-with-power-and-gas\/\">start in November<\/a><\/u> and the plant should be fully operational by 2019. Qalaa Chairman Ahmed Heikal <u><a href=\"https:\/\/enterprise.press\/stories\/2018\/07\/04\/qalaa-to-list-shares-of-taqa-arabia-and-the-parent-company-of-erc-before-end-of-2019-as-part-of-five-year-ipo-program\/\">had previously said<\/a><\/u>that the company was planning to list as much as 30% of the Arab Refining Company \u2014 the largest shareholder in the refinery \u2014 on the EGX before the end of 2019, right after the initial public offering of TAQA Arabia some time in 3Q2019. Proceeds are expected to help the company significantly reduce its debt.<\/p>\n<p><strong>Qalaa could begin importing gas in 2019: <\/strong>Speaking of TAQA, Qalaa is eyeing further expansion in the natural gas market in 2019, El Khazindar adds, saying gas imports could be on the product menu. TAQA is also expected to have connected at least 1 mn housing units to the natural gas grid by the end of the year.<\/p>\n<p><strong>Qalaa expects to return to profitability next year as it completes its divestment program, <\/strong>with the immediate plan being to sell its holdings in Algerian cement maker Zahana and African railway operator Rift Valley Railways (RVR), El Khazindar said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>** #6 Qalaa Holdings is in talks to increase its stake in the Egyptian Refining Company (ERC) through a capital increase, Managing Director Hisham El Khazindar said yesterday. The refinery is now 98% complete and is expected to be a major driver of revenue expansion starting next year. El Khazindar told Al Mal that trial [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-624318","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"3e024f8a-ca37-4fce-a026-7b83e0b37ff4","order":"0","is_powered_by":true,"section_story_id":"c477fda5-d01a-47d5-9f1f-38fc193ffcc5","story_type":"1","photo_url":"","photo_position":"above","related_issue":[624308],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Qalaa in talks to increase stake in ERC through capital increase - 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\/2018\/09\/05\/qalaa-in-talks-to-increase-stake-in-erc-through-capital-increase\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Qalaa in talks to increase stake in ERC through capital increase\" \/>\n<meta property=\"og:description\" content=\"** #6 Qalaa Holdings is in talks to increase its stake in the Egyptian Refining Company (ERC) through a capital increase, Managing Director Hisham El Khazindar said yesterday. The refinery is now 98% complete and is expected to be a major driver of revenue expansion starting next year. El Khazindar told Al Mal that trial [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/09\/05\/qalaa-in-talks-to-increase-stake-in-erc-through-capital-increase\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-09-05T04:01:39+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/09\/05\/qalaa-in-talks-to-increase-stake-in-erc-through-capital-increase\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/09\/05\/qalaa-in-talks-to-increase-stake-in-erc-through-capital-increase\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Qalaa in talks to increase stake in ERC through capital increase\",\"datePublished\":\"2018-09-05T04:01:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/09\/05\/qalaa-in-talks-to-increase-stake-in-erc-through-capital-increase\/\"},\"wordCount\":236,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/09\/05\/qalaa-in-talks-to-increase-stake-in-erc-through-capital-increase\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/09\/05\/qalaa-in-talks-to-increase-stake-in-erc-through-capital-increase\/\",\"name\":\"Qalaa in talks to increase stake in ERC through capital increase - 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El Khazindar\u2019s remarks come as the outlook for equity offerings\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":632914,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/22\/qalaas-erc-completes-financial-restructuring-as-it-drives-to-completion\/","url_meta":{"origin":624318,"position":2},"title":"Qalaa\u2019s ERC completes financial restructuring as it drives to completion","author":"enterpriseam admin","date":"22 February 2018","format":false,"excerpt":"Qalaa\u2019s Egyptian Refining Company completes financial restructuring as it drives to completion: Qalaa Holdings subsidiary Egyptian Refining Company (ERC) has reportedly completed a project finance restructuring that has seen the company take on new loans and equity commitments valued at around USD 500 mn, according to a press release from\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":628624,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/09\/qalaa-considering-increasing-stake-in-erc\/","url_meta":{"origin":624318,"position":3},"title":"Qalaa considering increasing stake in ERC","author":"enterpriseam admin","date":"9 May 2018","format":false,"excerpt":"Qalaa eying additional stake in Egyptian Refining Company: Qalaa Holdings announced yesterday that it is looking to increase its ownership of its greenfield Egyptian Refining Company (ERC) by acquiring or subscribing to additional shares in its subsidiary Orient Investment Properties, Qalaa said in a regulatory filing (pdf). ERC recently completed\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":637223,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/12\/qalaa-holdings-erc-plans-to-open-refinery-in-september-2018\/","url_meta":{"origin":624318,"position":4},"title":"Qalaa Holdings\u2019 ERC plans to open refinery in September 2018","author":"enterpriseam admin","date":"12 November 2017","format":false,"excerpt":"In other energy news, the Egyptian Refining Company (ERC) is expected to begin operations in September 2018, said Ahmed Heikal, chairman of Qalaa Holdings, which has led the development of the megaproject and which holds a 19% stake in the facility. The USD 3.7 bn plant in Mastorod, which hopes\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":622431,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/01\/qalaa-holdings-records-net-profit-of-egp-486-9-mn-in-2q2018\/","url_meta":{"origin":624318,"position":5},"title":"Qalaa Holdings records net profit of EGP 486.9 mn in 2Q2018","author":"enterpriseam admin","date":"1 October 2018","format":false,"excerpt":"EARNINGS WATCH- Qalaa Holdings recorded a net profit of EGP 486.9 mn in 2Q2018, compared to a net loss of EGP 2.756 bn in the same period last year, according to the company\u2019s earnings release (pdf). 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