Arab Finance: Egyptian Refining Company (ERC), a subsidiary of Qalaa Holdings, paid $417 million of its debt, lowering the senior debt balance to $63 million from $2.35 billion, according to a bourse filing.

The remaining amount is scheduled to be paid in March 2026.

Meanwhile, ERC will pay its mezzanine loan balance of $773 million till 2030.

Upon the full payment of its senior debt in March 2026, ERC becomes eligible to pay dividends to its shareholders after the approval of its assembly general meeting (AGM).

Subject to the general assembly’s approval, the company will distribute dividends to its shareholders after the senior debt is fully repaid in March 2026.

In December 2024, ERC finalized its senior and subordinated debt restructuring.

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