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December 17, 2015

Qalaa sells two Africa food assets

Investment firm Qalaa Holdings has confirmed the sale of its Egyptian cheese and Sudanese sweets businesses.

Investment firm Qalaa Holdings has confirmed the sale of its Egyptian cheese and Sudanese sweets businesses.

In a statement on its website Qalaa announced the sale of Egyptian cheese maker El-Misrieen to a domestic investor in a US$50m deal. The acquirer will assume all debt, liabilities and obligations of El-Misrieen, including bank debt of EGP16.5m. Qalaa had previously fully written-down the value of its investment in El-Misrieen, which ceased operations in 2012.

Qalaa also said its agribusiness arm, Gozour, had struck a deal to offload its two halawa and biscuit plants in Sudan for an enterprise value of US$4.3m.

Last month the firm sold its Rashid El Mizan confectionery business in Egypt for US$64m to Saudi-based Olayan Financing Co.

Qalaa is still looking to offload Egyptian private dairy farm Dina Farms.

“Qalaa Holdings continues to divest non-core investments across its footprint as it focuses on core business units. The company also remains watchful for opportunities to create new  shareholder value through the acquisition of additional stakes in core subsidiaries and to engage in share buybacks for so long as Qalaa shares trade at a steep discount to their fair value,” the firm added in a statement.

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