{"id":643190,"date":"2024-09-04T00:00:00","date_gmt":"2024-09-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/04\/qalaa-settles-egp-3-34-bn-of-debt-in-exchange-for-a-stake-in-taqa\/"},"modified":"2024-09-04T00:00:00","modified_gmt":"2024-09-04T00:00:00","slug":"qalaa-settles-egp-3-34-bn-of-debt-in-exchange-for-a-stake-in-taqa","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/04\/qalaa-settles-egp-3-34-bn-of-debt-in-exchange-for-a-stake-in-taqa\/","title":{"rendered":"Qalaa settles EGP 3.34 bn of debt in exchange for a stake in Taqa"},"content":{"rendered":"

Qalaa officially offloads 18% stake in Taqa in debt settlement agreement: <\/strong>Qalaa Holdings has settled some EGP 3.35 bn worth of debt to four local banks in exchange for a 17.7% stake \u2014 239 mn shares \u2014 in Taqa Arabia, according to an EGX disclosure (pdf)<\/a>. <\/p>\n

The banks: <\/strong>Banque Misr and Banque du Caire each got a 4.9% stake in the company, while the Arab African International Bank got a 6.0% stake and Al Ahli Bank of Kuwait got a 1.9% stake. Silverstone Capital Investments \u2014 an entity controlled by Qalaa Holdings \u2014 transferred the shares<\/a> in a block trade yesterday. <\/p>\n

That\u2019s not all: <\/strong>The agreement saw Qalaa<\/a> settling its entire EGP 4.5 bn debt in exchange for the 17.7% stake in Taqa as well as a land plot overlooking the Nile. There was no mention of the land plot in the disclosure. <\/p>\n

Remember: <\/strong>Under the agreement, 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

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\u2019s shares rose 1.0% during yesterday\u2019s trading to close at EGP 2.11, while Taqa saw its shares rise 2.3% during yesterday\u2019s trading to close at EGP 14.62. <\/p>\n

Qalaa has been working overtime to settle its dues: <\/strong>The holding company\u2019s plan to retire some USD 430 mn in foreign-currency debt<\/a> also included a debt buyback program that saw it raise over EGP 2.6 bn from shareholders<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Qalaa will retain the right to repurchase its shares in the energy distribution company from the banks for the next five years<\/p>\n","protected":false},"author":1,"featured_media":643191,"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":[7106,88,72,613,615],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-643190","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-debt","tag-debt-watch","tag-enterpriseam","tag-qalaa-holdings","tag-taqa-arabia","wpautop","entry"],"acf":{"mongo_id":"60b57930-a5be-41fc-bb02-f4f2b0945ed1","order":"5","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 settles EGP 3.34 bn of debt in exchange for a stake in Taqa","related_issue":[643182],"teaser":"Qalaa will retain the right to repurchase its shares in the energy distribution company from the banks for the next five years","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.a87e65f5-180e-4996-ba0d-d4c922a5b765.mp3"},"yoast_head":"\nQalaa settles EGP 3.34 bn of debt in exchange for a stake in Taqa - 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\/09\/04\/qalaa-settles-egp-3-34-bn-of-debt-in-exchange-for-a-stake-in-taqa\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Qalaa settles EGP 3.34 bn of debt in exchange for a stake in Taqa\" \/>\n<meta property=\"og:description\" content=\"Qalaa will 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