Cairo-Mubasher: Qalaa Holdings, an African leader in infrastructure and industry, stated that the process of divesting non-core assets is on track according to determined schedule.
The company said it is currently studying a number of buy offers related to its stake in Sphinx Glass, noting that it finished the due diligence report and expects to reach final deal by the end of September.
As for Qalaa's stake in Gozour Holding (Dina Farms), the due diligence process is being carried out by potential buyers and the final purchasing offers are expected to be received within four weeks.
Meanwhile, Qalaa expects to receive the final buying offers in respect to its stake in Rashidi El Mizan during September, and sees afinal deal relatedto Galfa cement factory in Algeria reached by the end of 2015.
Last June, Qalaa announced that Financial Holding International would be a party to the restructuring of some of Qalaa’s investments, including its stakes in MENA Homes, Grandview and Dina Farms Land Companies, which will be spun off from Dina for Agricultural Investments.
On the other hand, Qalaa will buy shares currently owned by Financial Holding International in several subsidiaries, including ASEC Holding in the cement and construction sector, Arabi Enertech Company and Mashreq Petroleum in the energy sector, as well as Nile Logistics that operates in the transport and logistics sector, Dina Farms supermarket chain in the retail sector, in addition to the United Company for foundries in the metallurgical industry sector.
