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EGYPT: QALAA’S to sell 100% stake in DJELFA for $60million
CAIRO (Capital Markets in Africa) – Qalaa Holdings, an African leader in energy and infrastructure, announced that its subsidiaries ASEC Cement and ASEC Cement Djelfa Offshore have signed a preliminary Share Purchase Framework Agreement (subject to certain terms and conditions) to sell 100% of ASEC Ciment Algérie “AACC” (Djelfa) for consideration of US$ 60 million in DZD equivalent. The acquiring party is a consortium of Algerian investors.
AACC has a license to build a 3 million ton per annum cement plant in the city of Djelfa, Algeria.
“This transaction further delivers on our strategy of divesting non-essential assets and significantly reducing financial risk by deleveraging at the holding and platform company levels. Our aim is to re-focus management bandwidth on holdings with high growth potential including energy, transportation and logistics, and mining,” said Qalaa Holdings Chairman and Founder, Ahmed Heikal.
The transaction, which is subject to conditions precedent, is expected to close by year-end 2016. Qalaa’s effective (indirect) ownership of AACC (Djelfa) stands at approximately 37%.