Egypt's Qalaa Holdings plans to sell non-core assets worth over USD 500 million over the next three years, managing director Hisham Khazindar said. "There are 10 companies that will be sold for total proceeds of USD 700 million. This figure includes the earlier sale of our stake in Sudanese Egyptian Bank for around USD 22 million and of Sphinx Glass Company for about USD 114 million," Khazindar told Zawya. "Any investments outside our main sectors, whether in banks, financial services or trade, will be sold," he said, adding that the divestment plan would be carried out over the next three years. Khazindar said Qalaa was currently in talks with some investors, but that negotiations had "not entered the serious stage". He declined to give further details. Qalaa Holding, formerly Citadel Capital, transformed from a private equity firm to an investment holding structure and focuses on the energy, cement, mining, agrifoods, transportation and logistics sectors. According to the company website, non-core assets include GlassWorks, United Foundries Co, Finance Unlimited, Grandview, Bonyan, National Petroleum Company, Nile Valley Petroleum, NOPC Rally Energy Group and Tanweer. Earlier this month Qalaa Holdings said it concluded the sale of a 73.3% stake in Sphinx Glass to Saudi Arabia's Construction Products Holding Company, for cash proceeds of around EGP 508 million to Qalaa after the estimated capital gains tax. It sold its full majority stake in the Sudanese Egyptian Bank to the Islamic Solidarity Bank of Sudan. Qalaa Holdings reported revenues of EGP 1.4 billion in the first quarter of 2014, up 14% from the same period a year earlier. Source : Zawya
