By: Islam Fadl

Cairo – Mubasher: The board of directors of Qalaa Holdings has approved a settlement deal worth $14 million with the International Finance Corporation (IFC), investor relations officer at Qalaa Holdings, Tamer Darwish, told Mubasher.

IFC, the private sector investment arm of the World Bank, will receive the settlement amount by 2020, Darwish added.

In May, Qalaa Holdings received a $120 million finance for its subsidiary, the Egyptian Refining Company (ERC).

The finance was divided into $70 million for capital raise and $50 million for loans to shareholders.

The total capital investments of ERC reached $1.5 billion, while the megaproject’s total investment cost amounted to $4.4 billion

During the first quarter of 2019, Qalaa Holdings incurred losses of EGP 171.47 million, compared to EGP 183.48 million in the year-ago period, including minority shareholders’ rights.

Year-on-year, revenues rose to EGP 3.44 billion in Q1-19 from EGP 3.036 billion. 

As for standalone business, the Cairo-based firm, which has operations in a slew of industries including energy, cement, and logistics, suffered losses of EGP 67.23 million in Q1-19, compared to EGP 63.37 million in Q1-18. 

Translated by: Zeinab Adel