Qalaa Holding (formerly known as Citadel Capital) is aiming to raise $300m medium term through exiting non-core projects, an official statement released to the Egyptian Stock Exchange read Monday.
The company recently exited its 80% stake in investment bank Pharos Holding for Financial Investment, at a value of EGP 40m. 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.
In August, co-founder and managing director Hisham El-Khazindar told Daily News Egypt that the company expects revenues from its non-core industries during the next three years to be $700m. The five core industries are energy, transportation, agri-foods, mining and cement.