Cairo – Mubasher: Qalaa Holdings announced that the first phase of allowing shareholders to purchase its external debt has raised EGP 875.35 million Egyptian pounds ($17.49 million), between 2 and 5 June 2024, covering 81% of the targeted amount.

The remaining amount to be offered in the second phase totals EGP 203.96 million ($4.07 million), according to a bourse filing.

The second and final phase will run from 9 June, allowing shareholders who applied in the first round to participate without restriction on allocated amounts. Brokerages have until 13 June to submit forms.

It is worth mentioning that the principal shareholder Citadel Capital Partners has subscribed to its full share in US Dollars, which amounts to $6.62 million, bringing the overall coverage of the total amount required from all shareholders for the purchase of the debt to 85.54%

Earlier in June, Qalaa Holdings launched the first phase of the offering of a debt owed to certain banks and financial institutions.