Mubasher TV
Contact Us Advertising   العربية

CI Capital to advise Qalaa Holdings on Tanmeyah exit

CI Capital to advise Qalaa Holdings on Tanmeyah exit
Photo Credit: Arabianeye-Reuters
Qalaa Holding
CCAP
0.00% 2.71 0.00

Qalaa Holdings, formerly Citadel Capital, said Monday that it has hired CI Capital to advise on the possibility of divesting its whole stake in microfinance leader Tanmeyah.

In mid-2014, Qalaa raised its stake in Tanmeyah from 51% to 70%.

The divestiture step aims to provide adequate liquidity to buy treasury stocks, depending on market conditions, Qalaa said in a bourse statement.

Qalaa believes the returns on treasury stocks could outperform those from other investments in the meantime.

Qalaa said earlier that it had hired EFG-Hermes to advise on exiting its full investments in Dina Farms and Rashidi El-Mizan.   

The divestiture operations will accelerate the deleveraging of the company and provide the required funds for potential growth opportunities in the company’s core business, Qalaa said.  

Meanwhile, Qalaa said it expects to generate $300 million in proceeds from exits in the medium term.