(MENAFN- Daily News Egypt) Investment firm Qalaa Holding (formerly known as Citadel Capital) exited on Tuesday its 80% stake in investment bank Pharos Holding for Financial Investment, at a value of EGP 40m.
A group of investors led by Pharos Holding's chairman Mohamed Taymour has acquired the sold stakes, with Qalaa's subsidiary Finance Unlimited.
"The exit of Pharos is part of executing our strategy to divest non-core businesses in a timely manner at the right valuations as we narrow our focus on core subsidiaries in sectors including energy, cement, agrifoods, transportation & logistics and mining," said Qalaa Holdings Co-Founder and Managing Director Hisham El-Khazindar.
In 2014, Qalaa cut ties with two companies, selling its stake in the Bank of Sudan for $21m, and passing Sphinx Glass to Saudi Arabia's Construction Products Holding Company for $114m.
Pharos Holding has closed several transactions across chemicals and fertilisers, consumer finance, education and telecommunications sectors. In 2014, Pharos acted as independent financial advisor to Orascom Telecom, Abu Soma Development Company, Global Telecom Holding and Arabian Cement.
Stock market-listed Qalaa Holdings currently owns assets amounting to $9.5bn. In the third quarter of 2014, it reduced its losses to EGP 59.6m, 67% less than the preceding quarter.
Qalaa Holdings is also investing in the Suez Canal Development project through three of its subsidiaries. The group's cement subsidiary, ASEC, is acting along with 32 other companies to dig the new canal.
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