(MENAFN) Qalaa Holdings, an Egyptian investment company, signed a deal with Financial Holdings International (FIH) to purchase a number of subsidiaries, a corporate statement said, Reuters reported.
The deal is set for Qalaa to cut its consolidated debt and to get rid of some of its non-core platforms, as the contract entails that Qalaa has to sell one of its major co-investors to FHI.
Qalaa's debt is forecast to get reduced by USD105 million. "The stakes Qalaa is acquiring are in companies that have leading positions in the energy, cement and transportation sectors, among others," the company said.
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