Qalaa Holding Company signs an agreement to sell 18% of the shares of Taqa Arabia, in exchange for all its debts to 4 banks.
The company announced “Qalaa Holding“ It signed an agreement to pay all its debts with a number of local banks worth 4.5 billion pounds, in exchange for a stake amounting to 17.68% (239 thousand shares) in the company. ”Arab energy“ And a plot of land overlooking the Nile, according to a statement issued by the company.
The list of banks that signed the agreement with Qalaa Holding Company included: Egyptian, Cairo, Arab African International, and Kuwaiti Al-Ahli banks.
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After the announcement of the agreement, it rose “castle” arrow By 19.6% by the end of Monday’s session in the wake of that news.
Qalaa Holding’s condition to recover the stake later
According to the agreement signed between the two sides, Qalaa Holdings – the parent company of Taqa Arabia – reserves the right to buy back its shares in Energy distribution company from the banks within the next five years, while the banks have the right to resell it to the Qalaa in the sixth year.
A separate agreement with the Arab International Bank
Qalaa Holdings also signed a separate agreement to settle its debt with the Arab International Bank, under which it will pay $184 million in installments extending until 2033, at an interest rate equivalent to the Secured Overnight Financing Rate (SOFR).
The Arab International Legal Foundation represented the Egyptian Banks Group, while Zulfiqar and Partners Law Firm represented Qalaa Holdings and its subsidiaries.
