Cairo – Mubasher: Qalaa Holdings on Tuesday announced its diesel production unit at the Egyptian Refining Company’s (ERC) project will begin commercial operation in the third quarter of 2019.
The trial operation of all units of the project is set for completion by the end of Q2-19, the Cairo-based firm said in a statement to the Egyptian Exchange (EGX).
Qalaa Holdings, which has operations in a slew of industries including energy, cement and logistics, has completed the acquisition of around 99.28% stake in ERC, according to the statement.
Earlier this month, three banking sources told Reuters that ERC was seeking a multi-million mega loan worth $80 million from the Commercial International Bank (CIB).
Qalaa Holding recently announced signing a memorandum of understanding (MoU) with Qatar Petroleum under which it acquired the Qatari firm’s stake in ERC.
In October, Qalaa Holdings’ chairman projected both Taqa Arabia and ERC to file for initial public offerings (IPOs) on the EGX in 2019.
In the first nine months of 2018, Qalaa logged EGP 298.42 million in net profits against EGP 4.13 billion in net losses in the same period of 2017.
