Cairo – Mubasher: Qalaa Holdings, a leading investment company, said it signed new deals with Financial Holdings International (FHI) to sell its stakes in non-core businesses, while buying additional stakes from FHI in subsidiaries in key sectors including energy, cement, construction, transportation and logistics.

The EGX-listed company expects to finalise these investment deals by December, 2015, after completing required procedures.

Accordingly, Qalaa’s total consolidated debts will decrease by around EGP 800 million, which is a strategic goal for the company in 2015.

Under the deal, Qalaa will sell its equities in MENA Homes, Grandview Holding, an Dina Farms Lands to Financial Holding. Meanwhile, Qalaa will buy from FHI its stakes in several subsidiaries including ASEC Holding in the cement and construction sector, as well as TAQA Arabia in oil sector, Nile Logistics, Dina Farms Supermarkets in retail sector, and United Foundries.