By Ahmed Allam
Cairo – Mubasher: Qalaa Holdings said it completed a deal to sell its full ownership in Tanmeyah, an Egypt-based provider of microloans and microinsurance, to Egyptian Financial Group (EFG) Hermes.
Tanmeyah sale is the latest in a series of Qalaa's divestiture of non-core businesses including Misr Glass Manufacturing, El Rashidie El Mizan and ASEC Menya.
Under the deal, Tanmeyah's total equity is estimated at EGP 450 million, in which Qalaa holds an indirect stake reaching 70%.
Finance Unlimited, a subsidiary of Qalaa Holdings, earlier announced signing an agreement to sell its whole stake in Tanmeyah to EFG-Hermes.
Qalaa noted it obtained all required regulatory approval to complete the sale.
Investment bank CI Capital acted as the financial advisor for Qalaa in the deal.
