(2015-02-22) Qalaa Holdings approves 1.7 bln Egyptian pound capital hike - sources
Qalaa Holdings (CCAP), one of Egypt's largest investment companies, has approved a share swap with subsidiary companies that equates to a 1.7 billion Egyptian pound ($223 million) capital increase, two informed sources told Reuters on Saturday. The move would be the firm's third capital hike since it listed on the Egyptian bourse in 2010 and comes as the company considers a series of money-raising divestments as it seeks a return to profit. The increase would involve exchanging shares in the holding company for larger stakes in subsidiary companies, mostly in the energy and cement sectors, and would bring the company's capital to 9.7 billion pounds, the sources said, without giving any further detail. "Qalaa's management decided that this will be the last increase," said another source. No one at the firm could immediately be reached for comment.