Cairo –  Qalaa Holdings has announced the opening of the first phase for applications to participate in the purchase of the company’s debt owed to certain banks and financial institutions.

The first phase will be open between 2 and 9 June, according to a bourse filing.

The debt will be purchased through notes issued by Qalaa Holdings Restructuring I Ltd (QHRI).

The amount to be paid for each share is EGP 0.6776, with a maximum total of around EGP 1.07 billion for all shares eligible to participate in the first phase of the debt purchase programme.

It is worth noting that the offered debt consists of a syndicated loan dated 1 February 2012.

In April, Qalaa Holdings closed a deal with five banks to settle around EGP 13.45 billion in debt.

The EGX-listed company posted a consolidated net profit of EGP 11.80 billion in 2023, an annual plunge from EGP 18.74 billion.

All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (Syndigate.info).