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Cairo-based energy-focussed investment firm Qalaa Holdings – formerly Citadel Capital – plans to reduce its debt to E£4bn by the end of 2017, having already reduced its money owed from E£10bn in 2014 to E£6.5bn ($735mn) at present, according to MD Hisham al-Khazindar.
Qalaa needs to slash its $200mn of dollar-denominated debt, Mr Khazindar says. The value of this debt has soared in Egyptian pounds terms after repeated devaluations of the local currency (MEES, 18 March).
Qalaa aims to cut debt by shedding assets outside its energy, mining and logistics “core.” Further disposals may come in Qalaa’s cement and agrifoods businesses. Despite raising E£2.4bn from the sale of eight non-core stakes in 2015 the firm made a net loss of E£1.16bn, its fifth successive annual loss.
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