Cairo – Mubasher: Chairman of Qalaa Holdings has unveiled a plan to offer shares of the company’s units on the Egyptian Exchange (EGX) within the framework of its five-year strategy.
The Egyptian investment firm plans to begin with floating a stake in Taqa Arabia on the EGX in the third quarter of 2019, followed by offering around a 30% stake of Arabia Refining, which owns 69.47% of Egyptian Refining Company, Almal News reported, citing Ahmed Heikal as saying.
It is worth noting that Qalaa Holdings holds a 16.2% stake in Egyptian Refining’s capital.
The company’s strategy aims to exit from a number of activities, while maintaining the business of eight firms operating in different sectors, and offer stakes in them as part of the IPO programme, which is expected to end before 2023 with a stake of Nile Logistics, specialised in river transport, according to Heikal.
The eight firms include Dina Farms, which will be floated on the Egyptian bourse in 2020, and the already-listed firm Ascom Geology & Mining.
The company will keep majority stakes in the aforementioned eight firms, even after offering shares of them on the EGX, Heikal highlighted.
He pointed out that Qalaa is expected to settle its total loans worth around $270 million by 2024.
He stressed that the company is not willing to get any loans in the next five years, unless it enters a major project like the Egyptian Refining.