EMEA News
Qalaa Holdings Considers Move Into Bunkering
Egypt-based investment company Qalaa Holdings is mulling a move into bunkering after announcing that the company is considering exiting its food businesses in Egypt.
The company said it is currently invested in both a confectionery company and in the largest private-sector dairy farm in Egypt, and that the sale of both could generate $300 million to be put towards other opportunities.
“Any divestiture would achieve the twin aim of significantly accelerating the deleveraging of Qalaa, while simultaneously funding growth opportunities in core subsidiaries generally, and in nationally significant energy projects specifically, including fuels bunkering and storage project Mashreq in the Suez Canal,” said Managing Director Hisham El-Khazindar.
The company said that it had received offers from several interested parties in taking over the two businesses, and that the sale would help Qalaa get back into black.
“This will hasten our return to profitability, which we would now anticipate in 2015 as opposed to next year as we had originally envisioned,” said Chairman Ahmed Heikal.
It was reported in 2013 that, Qalaa, formerly named Citadel Capital, had announced that it would be focusing on developing bunkering services in the Suez Canal through its Mashreq project.
