Sisi calls for boosting oil & gas investment to ease import burden    Egypt welcomes 25-nation statement urging end to Gaza war    Egyptian pound ticks down in early Tuesday trading    Egypt, Senegal sign pharma MoU to unify regulatory standards    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Madbouly reviews legalisation of newly annexed lands to new cities, housing offerings    Egyptian Countryside Development chief discusses cooperation with Italian ambassador    CIB completes fifth securitisation issuance for B.TECH worth EGP 859.4m    Roche helps Egypt expand digital pathology and AI diagnostics    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt exports 175K tons of food in one week    Egypt foils terrorist plot, kills two militants linked to Hasm group    Egypt, Somalia discuss closer environmental cooperation    Egypt's Health Minister reviews upgrades at Gustave Roussy Hospital    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Egypt expresses condolences to Iraq over fire tragedy    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Egypt, Uruguay eager to expand trade across key sectors    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Qalaa completes deal to sell microfinance company to EFG Hermes
Published in Amwal Al Ghad on 06 - 03 - 2016

Egypt-based Qalaa Holdings announced Sunday that one of its business units, Finance Unlimited decided to sell off its entire holding in Tanmeyah Microenterprise Services to EFG Hermes for 450 million Egyptian pounds ($57.3 million).
Established in 2009, Tanmeyah Microenterprise Services provides financial services to Egypt's large underserved micro- and very-small-enterprise tiers.
Qalaa Holdings had an effective ownership of 70 percent in the company.
"We are extremely proud to have played a role in building a business like Tanmeyah that provides much-needed financial solutions to companies and individuals that would otherwise effectively be cut off from the financial system." Qalaa Holdings chairman and founder Ahmed Heikal, said.
"It's a company that continues to have excellent growth potential within the current business environment in Egypt and we look forward to seeing Tanmeyah leverage its existing infrastructure and systems to grow its nationwide network of branches even further in the years to come," he added.
Tanmeyah had 509 million pounds ($65 million) in loans outstanding to 108,000 active borrowers at the end of 2015. The company, which has presently more than 1,500 employees at 114 branches across Egypt, has served more than 365,000 clients since inception.
"Qalaa Holdings has always tried to invest in businesses that spur job creation, develop human capital and provide products or services that will have a positive impact on the lives of average citizens," stated Heikal.
"While Tanmeyah directly addresses those at the base of the pyramid who have no access to the banking system, we have also invested in Ecaru, a subsidiary of Tawazon, and Qalaa's energy play focusing on refused derived fuel for a variety of industries deemed vital for the Egyptian economy," he added.
According to him, the divestment of Tanmeyah is in line with Qalaa's strategy, key elements of which include deleveraging at the holding and subsidiary company levels; acquisition of additional stakes in selective investments within its existing portfolio; and share buybacks.
Tanmeyah is the latest in a series of divestments for Qalaa that also includes Misr Glass Manufacturing (MGM), Rashidi Al Mizan and Asec Minya, he added.


Clic here to read the story from its source.