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Qalaa Holdings’ unit settles EGP 1.4bn debt with 3 banks

Qalaa Holdings’ unit settles EGP 1.4bn debt with 3 banks
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Cairo – Mubasher: National Development and Trade (NDT), a subsidiary of Qalaa Holdings, has signed agreements with three banks to fully settle a total debt of EGP 1.44 billion.

NDT also entered into an agreement with another bank to settle an EGP 536 million debt over two years, according to a bourse filing.

The terms of the debt settlement agreements include forgiveness of accumulated interest, which is expected to have a positive impact on the company’s financial statements.

It is worth noting that Qalaa Holdings owns a 64.28% stake in NDT directly and indirectly.

Qalaa Holdings logged consolidated net profits of EGP 7.09 billion in the first nine months (9M) of 2023, down from EGP 13.05 billion a year earlier.