Cairo - Mubasher: Qalaa Holdings, formerly Citadel Capital, said it has signed an agreement to sell its entire stake in Tanmeyah to EFG Hermes for EGP 345 million.
The transaction accounts for 70% of Tanmeyah, a company worth a total of EGP 450 million.
The move will be subject to regulatory approval, customary terms and the satisfaction of conditions precedent.
The divestment of Tanmeyah is part of Qalaa’s deleveraging strategy for its subsidiaries
The wind-up move is the latest in a series of divestments by Qalaa, which also included Misr Glass Manufacturing (MGM), Rashidi El-Mizan and ASEC Minya.
