Arab Finance: Qalaa Holdings has finalized a debt settlement agreement, transferring a 17.7% stake in TAQA Arabia, equivalent to 239 million shares, to settle EGP 3.35 billion in debt with four local banks, as per a disclosure.

The agreement involved Silverstone Capital Investments, an entity controlled by Qalaa, executing the block trade.

Under the deal, Banque Misr and Banque du Caire each acquired a 4.9% stake, the Arab African International Bank secured 6.0%, and Al Ahli Bank of Kuwait received 1.9% of TAQA Arabia.

This settlement is part of Qalaa’s broader strategy to reduce its debts, including a plan to retire $430 million in foreign-currency debt through a buyback program that raised over EGP 2.6 billion from shareholders.

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