Cairo – Mubasher: Qalaa Holdings said Thursday that its foodstuff subsidiary Gozour signed an agreement to divest its entire stakes in Nile Company for Food Industries (Enjoy) and Aleguizy International for Economic Development to Egyptian businessman Kamal Haggag.
Finalising the sale deal will reflect positively on the parent company’s results in light of incurring no more losses from those two units, Qalaa indicated.
Qalaa indirectly owns 55% stakes in the two subsidiaries.
In 2013, Enjoy suspended its operations and Qalaa cancelled the value of investments in the company. The same happened for Aleguizy that halted its business in 2015.
Pharos acted as a financial advisor on the sale deals.
Qalaa is proceeding with a plan aimed to divest non-core assets and focus on the development of main businesses.
