Qalaa Holding’s subsidiary Jothour for Food Industries agreed to sell its entire portion in Nile Co. for Food Industries (Enjoy) and El Aguizy International for Economic Development. The 2 stakes, valued at 55 per cent, are to be acquired by the Egyptian Businessman and Investor Kamal Haggag, who has previously taken over Misr October for Food Industries (El Masreyeen) in December 2015.
Enjoy stopped operating in 2013 and El Aguizy in 2015, consequently Qalaa to end its investments in them. Thus, concluding this deal will have a positive impact on Qalaa Holding’s business results, since they will no longer include the 2 companies’ consolidated losses. Disengagement of Qalaa from El Aguizy will be carried out soon, but Enjoy will be sold after fulfilling some terms and conditions. Pharos Investment Bank was appointed by Qalaa to be the financial consultant in the deal.
The agreement states for Qalaa settling all liabilities to banks, provided that all other financial commitments are assigned to the buyer.
