15 May 2017
Qalaa Holdings (CCAP.CA on the Egyptian Exchange), an African leader in energy and infrastructure, has announced that its subsidiaries ASEC Cement and ASEC Cement Djelfa Offshore (“The Sellers”) have completed the sale of 100% of ASEC Ciment Algérie “AACC” to an Algerian investor at a deal value equivalent to US$ 60 million.
The Sellers are currently complying with government requirements to repatriate the proceeds from Algeria.
Qalaa held an effective (indirect) 37% ownership stake in AACC , which has a license to build a 3 million ton per annum cement plant in the city of Djelfa, Algeria.
The sale of AACC falls within Qalaa’s strategy of divesting non-essential assets and significantly reducing financial risk by deleveraging at the holding and platform company levels. In the past year the company has already made significant strides to streamline and reshape its investments with the conclusion of exits from El Aguizy, Tanmeyah, Misr Glass Manufacturing and the United Glass Company.
According to Qalaa Chairman and Founder, Ahmed Heikal, Qalaa Holdings will continue to focus management bandwidth on investments with high growth potential such as the Egyptian Refining Company (ERC), which is now nearing completion, and TAQA Arabia, Egypt’s largest private sector energy distribution business.
Qalaa Holdings(CCAP.CA on the Egyptian Stock Exchange) is an African leader in energy and infrastructure. Formerly known as Citadel Capital, Qalaa Holdings controls subsidiaries in industries including Energy, Cement, Agrifoods, Transportation & Logistics, and Mining. To learn more, please visit qalaaholdings.com.
Statements contained in this News Release that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of Qalaa Holdings. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Certain information contained herein constitutes “targets” or “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “seek,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” or “believe” or the negatives thereof or other variations thereon or comparable terminology. Actual events or results or the actual performance of Citadel Capital may differ materially from those reflected or contemplated in such targets or forward-looking statements. The performance of Qalaa Holdings is subject to risks and uncertainties.
For more information, please contact:
Ms. Ghada Hammouda
CMO & Head of Marketing Communications
Tel: +20 2 2791-4439
Fax: +20 22 791-4448
Mobile: +20 106 662-0002
© Press Release 2017