Egypt 05th May 2016 -Qalaa Holdings (CCAP.CA on the Egyptian Exchange), an African leader in energy and infrastructure announced the sale of its business unit Gozour after a sale and purchase agreement (SPA) to divest its entire holding in Enjoy (Nile Company for Food Industries) manufacturer of dairy and juice products and El-Aguizy International For Economic Development, Egyptian packager and exporter of produce.
The purchaser of both companies is Kamal Haggag, a domestic industrial investor who also bought Gozour subsidiary El-Misrieen in December 2015.
Qalaa had previously impaired the value of its investments in Enjoy and El-Aguizy, which were distressed assets non-operational since 2013 and 2015 respectively. Their sale is expected to have a positive impact on the Profit and Loss Account of Qalaa as it will be able to deconsolidate their losses. Both companies will be sold free of bank debt, while the purchaser will assume all other liabilities.
Qalaa Holdings currently has an effective indirect ownership of 55% in both Enjoy and El-Aguizy International For Economic Development. The sale of El-Aguizy is expected to close quickly with Enjoy to follow once a set of conditions precedent are fulfilled.
Qalaa Holdings continues to divest non-core investments across its footprint as it focuses on core business units including Egyptian Refining Company a US$ 3.7 billion megaproject that is now more than 84% complete and on track to begin production in 2017 and TAQA Arabia, Egypt’s leading independent energy Distribution Company.
Qalaa recently divested its stake in Tanmeyah Microenterprise Services, a business that it helped grow from an initial concept into an US $ 51million operation that provides the Egyptian market with much–needed microfinance solutions, as well as its stake in Misr Glass Manufacturing Company (MGM), a leading regional producer and exporter of glass containers for an equity value of c. EGP 828 million.
Pharos Holding is the sell-side advisor on the Enjoy and El-Aguizy transactions.
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