Cairo – Mubasher: The Egyptian leading investment company Qalaa Holdings on Wednesday said it will receive EGP 162 million from the sale of its stake in Bonyan for Trade and Development.
The company’s unit MENA Home Furnishings Malls Ltd has signed an agreement to sell its shares in Bonyan for Sky Realty, a subsidiary of Compass Investment Holding, Qalaa Holdings said in a filing to the Egyptian Exchange (EGX).
The deal will be closed after implementing some requirements and regulatory conditions, according to the filing.
It is worth noting that Qalaa Holdings holds around 60% stake in Bonyan indirectly.
Bonyan is the owner of Designopolis Mall located on Alexandria Desert Road.
Qalaa Holdings’ capital amounts to EGP 2 billion distributed over 1.4 billion shares.
