Arab Finance: Qalaa Holdings has collected EGP 1.711 billion from brokerages on behalf of their clients in the its second and final phase of its debt buyback program, with a coverage ratio of 808%, according to an disclosure.

Accordingly, the Arab African International Bank (AAIB), which handled requests to participate in purchasing Qalaa’s external debt, will allocate a proportionate amount to each applicant based on the total amount raised and the value of the second phase.

Any excess funds will be refunded to brokerage firms.

Citadel Capital Partners fully subscribed to its full share of the buyback program, with $6.6 million, as per a separate disclosure.

The first phase of the program had previously raised around $17.499 million.

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