Qalaa Holdings, a leader in energy and infrastructure (CCAP.CA on the Egyptian Exchange), recently announced that it has signed a debt settlement agreement with Banque Misr, Banque du Caire, Arab African International Bank, and Al Ahli Bank of Kuwait whereby Qalaa settles the entirety of its debts for a total of EGP 4.547 billion as follows:
- Selling 239,120,667 shares (17.68%) in TAQA Arabia with Qalaa retaining the right to repurchase those shares within 5 years, and the banks having the right to resell those shares to QH in the sixth year.
- A registered 60,127 sq.m. land plot overlooking the Nile in the Tibeen area.
- Compensations for variations in exchange rate and stock prices.
Moreover, Qalaa Holdings and its related companies signed a debt restructuring and settlement agreement with Arab International Bank through which loans due to AIB will be restructured and settled through the payment of c. USD 184 million over installments starting from 2024 till 2033. A variable interest rate equal to SOFR will be applied annually. AIB will also benefit from an enhanced security package.
