• Tanmeyah

    Qalaa Holdings finalized the sale of its entire holding in subsidiary Tanmeyah Microenterprise Services to EFG Hermes in March 2016. The transaction valued 100% of Tanmeyah at EGP 450 mn while Qalaa Holdings held an effective ownership of 70% in the company. Established in 2009, Tanmeyah is Egypt’s leading private-sector provider of microfinance solutions, offering financial services to Egypt’s large underserved micro- and very-small-enterprise tiers. Tanmeyah had EGP 509 million in loans outstanding to 108,000 active borrowers at the end of 2015 with more than 1,500 employees at 114 branches across Egypt and has served more than 365,000 clients since inception.

  • Misr Glass Manufacturing (MGM) and United Glass Company

    In December 2015, Qalaa Holdings reached financial close on the sale of the entirety of its stake in Misr Glass Manufacturing Company (MGM), a leading regional producer and exporter of glass containers, and the entirety of its stake in United Glass Company (UGC) to Middle East Glass Manufacturing Company, at a combined equity value for 100% of both MGM and UGC of c. EGP 828 million. Qalaa Holdings had maintained an effective ownership of 15.2% in MGM and UGC.

  • El Misreen

    In December 2015, Qalaa Holdings divested its cheese manufacturer, Misr October for Food Industries (El-Misrieen), to a domestic industrial investor at an enterprise value of EGP 50 million. The acquirer assumed all debt, liabilities and obligations of El-Misrieen, including bank debt of c. EGP 16.5 million. Qalaa had previously fully written down the value of its investment in El-Misrieen, which ceased operations in 2012.

  • Rashidi EL Mizan

    In December 2015, Qalaa Holdings’ Gozour unit concluded the sale of its 100% stake in its subsidiary, Rashidi El-Mizan, to Saudi Arabia’s Olayan Financing Company and its subsidiaries for a total consideration (equity value) of EGP 518 million. Established in 1889, Rashidi El Mizan is a frontrunner in the halawa and tahini markets in Egypt. While under Qalaa Holding’s management, REM innovated the creation of new SKUs, diversified into the jam and tomato paste sector, and expanded its footprint to new export territories.

  • Mashreq

    In November 2015, Qalaa Holdings’ business unit Mashreq signed an agreement with the General Authority of the Suez Canal Economic Zone for the transfer of a concession contract. The agreement covers a 210,000 square meter plot of land in East Port Said awarded for the construction on a build-operate-transfer basis of a liquid bulk terminal at East Port Said, the first tank terminal and logistics hub of its kind in the region. During the time Mashreq has held the concession, the project has been planned out and developed to a point where it can now be built out rapidly. The parties have agreed that the concession’s transfer will see the Authority repay all costs incurred by Mashreq related to the development, with the latter handing over the concession’s land and all associated designs.

  • ASEC Minya & ASEC Ready Mix

    In November 2015, Qalaa Holdings business unit ASEC Cement concluded the c. EGP 1 billion sale of its stakes in subsidiaries ASEC Minya Cement and ASEC Ready Mix to Misr Cement Qena. ASEC Minya Cement is an Egyptian cement producer located in Upper Egypt. It began commercial operations in August 2013 with a name plate capacity of 2.0 million tons per annum. ASEC Ready Mix is a producer and distributor of ready-mix concrete, the company operates six batch plants in Upper Egypt with production in FY14 reaching 382,000 cubic meters. Both ASEC Minya and ASEC Ready Mix have established themselves as critical players in the vital Upper Egyptian market. At the time of sale, ASEC Cement held 46.5% of ASEC Minya Cement and 55% of ASEC Ready Mix.

  • Misr Cement Qena

    In the second quarter of 2015, Qalaa concluded the sale of its 27.5% stake in Misr Cement Qena, a publicly traded cement company in Egypt, which resulted in a gain from sale of investment equivalent to EGP 101 million. The transaction also saw proceeds being utilized to deleverage at the ASEC Cement level, with debt reduced by EGP 365 million.

  • Pharos Holding

    In February 2015, Qalaa exited its full 80% stake in leading national investment bank Pharos Holding in a deal valuing 100% of the company at c. EGP 40 million. The sale was made to a group of investors led by Pharos’ chairman and founder, Dr. Mohamed Taymour. Pharos grew to a top-five broker and a leading advisory, asset management, research, private equity and bookkeeping firm during the period of Qalaa’s investment. The Sale and Purchase Agreement (SPA), which was executed through Qalaa Holdings subsidiary Finance Unlimited, covers the sale of 100% of shares owned directly and indirectly by Qalaa Holdings in the share capital of Pharos (representing 80% of Pharos’ issued capital).

  • AAC and AMC

    In December 2014 United Foundries, a non-core asset of Qalaa Holdings, signed sale and purchase agreements for 100% of two metallurgy companies for a total deferred consideration of c. EGP 260 million. Under the terms of the transactions, a group of investors led by one of the original founders and shareholders of the two companies — acquired 100% of the shares of Alexandria Automotive Casting SAE (AAC) for a deferred consideration of EUR 27 million and 100% of the shares of Amreya Metal Company SAE (AMC) for a deferred consideration of EGP 20 million. Both companies produce cast parts and components for the local and global automotive assembly industry.

  • Sphinx Glass

    In June 2014, Qalaa Holdings singed a sale and purchase agreement with Saudi Arabia’s Construction Products Holding Company (CPC) for the sale to CPC of 100% of Sphinx Glass. Qalaa Holdings’ 73.3% stake in Sphinx Glass will result in cash proceeds of around US$ 73 million to Qalaa Holdings. Sphinx Glass is a leading Egyptian producer of float glass and one of the largest independently operated float glass producers in the MENA region.

  • Sudanese Egyptian Bank (SEB)

    Qalaa Holdings acquired a 66.12% stake in the Sudanese Egyptian Bank (SEB) in 2006, a North Sudanese Islamic commercial bank established in 2004 with the aim of facilitating trade between Egypt and Sudan. Post-acquisition, Qalaa Holdings played an instrumental role in growing SEB from a small, trade focused bank into a full-service, Shariah-compliant financial institution with a diverse portfolio of thousands of corporate and individual clients. In early 2014, Qalaa Holdings sold its stake in SEB to the Islamic Solidarity Bank of Sudan for a total consideration of US$ 22 million. SEB was a portfolio company of Finance Unlimited, a non-core Qalaa Holdings platform in the regional banking and finance industry.

  • Helwan Portland Cement Company (HPCC)

    Qalaa Holdings acquired control of Helwan Portland Cement Company (HPCC) in a series of transactions in late 2004 and early 2005 as part of ASEC Holding. Post-acquisition, Qalaa Holdings quickly worked to inject pre-identified senior management, establishing a new internal control system and restructuring the firm’s finances. In August 2005, the firm sold its 68% stake in HPCC to Suez Cement, the local subsidiary of Italcementi, at an implied enterprise value of US$ 795 million, yielding a gross IRR of 287% on the sale, equal to a gross multiple of investment of 1.9x.

  • Egyptian Fertilizers Company (EFC)

    Qalaa Holdings and a group of co-investors acquired a leading Egyptian urea fertilizer producer EFC in July 2005 with a view to create value by expanding EFC’s production capacity and to use it as a platform for a regional fertilizer play. In less than two years, the management team doubled EFC’s production capacity to 1.3 million tons per annum and positioned the fertilizer producer to pursue new ventures in Algeria, Nigeria and Libya. In March 2007, Qalaa Holdings was approached with an attractive proposal from a GCC-based investor to acquire 100% of EFC. Following several rounds of negotiations, Qalaa Holdings agreed to sell EFC in a deal worth US$ 1.4 billion in June 2007. At the time, the transaction was Egypt’s largest M&A deal and the biggest private equity sale in the Middle East. The sale yielded a Gross IRR of 96.8% and a multiple of invested capital of 3.6x.