Ahmed Heikal, Chairman and Founder of the African leader in infrastructure and industry Qalaa Holdings (formerly Citadel Capital), has increased his stake in Citadel Capital Partners (CCP), the lead investor in the Qalaa Holdings, by 4%. CCP is the vehicle through which senior management of Qalaa Holdings (CCAP.CA on the Egyptian Exchange) hold their equity in the firm. CCP has just completed a capital increase subscribed to by CCP partners at a price of EGP 5 per share. The transaction brings Heikal's ownership of CCP to 58.84%. Hisham El-Khazindar Co-Founder and Managing Director of Qalaa Holdings and Karim Sadek Managing Director of Qalaa Holdings maintained their share of CCP intact at 19.32% and 13.11% respectively. The transaction did not result in any increase in CCP ownership in Qalaa Holdings, which currently stands at 25.6%. "I am exceptionally optimistic about the prospects for growth not just in Egypt but also in Africa," said Heikal. "There is no better means of underscoring this than by a transaction of this nature. Ensuring that our team has the means to build personal ownership in the firm is a key tool that aligns the interests of Qalaa Holdings staff with those of our shareholders." Following the recent completion of a capital increase to EGP 8 billion, Qalaa Holdings continues to transform into an investment holding company that controls majority stakes in most of its core investments in the energy, cement, agrifoods, transportation & logistics and mining sectors. "The recent reform decisions announced by the Egyptian government have left me with a conviction that Egypt is on the right track. I am fully convinced that Qalaa Holdings will continue to be a very important player in Egypt and that reforms in Egypt will be very beneficial for everyone including our firm," said Heikal. "We have a strong and deep management team in place and a large number of fantastic portfolio companies that operate in key sectors that will be beneficial to Egypt as the country embarks on a new path towards reform."
