Leading Emirati Company Hikes Stake in Qalaa Holdings, Takes Second Board Seat
10 August 2014 Download
African leader in infrastructure and industry welcomes second representative from long-term investor in Qalaa Holdings; Qalaa shareholders are dominated by Egyptian, Saudi and Emirati institutions, Egyptian HNWI and retail investors.
Qalaa Holdings (CCAP.CA on the Egyptian Exchange, formerly Citadel Capital) announced today that Emirates International Investment Company (EIIC), a long-term investor in Qalaa Holdings, has increased its stake in Qalaa to 10.41%.
EIIC, headed by Sheikh Saif bin Zayed Al-Nahyan, is key strategic unit of Abu Dhabi conglomerate National Holding, one of the Emirates’ leading privately-owned companies.
“EIIC’s decision to increase its stake in Qalaa is a vote of confidence in our strategy, in our strategic transformation into an investment company, and in our call on the very positive long-term outlook for the Egyptian economy,” said Qalaa Holdings Chairman and Founder Ahmed Heikal. “We are honored to have their trust will continue to work diligently to create value for all of our shareholders.”
As part of the transaction, EIIC has taken a second seat on Qalaa Holdings’ Board of Directors. Robert Wages joins fellow EIIC appointee Ragheed Shanti, who has served on Qalaa’s board since 2012. Wages has been Head of Private Equity at EIIC since 2010 and was earlier Executive Director of Private Equity at InvestAD, also in Abu Dhabi. Wages holds CFA and CAIA charters and is a graduate of Princeton University.
Citadel Capital Partners Ltd. (CCP, the vehicle through which senior management holds its equity in the firm) remains Qalaa Holdings’ lead shareholder with a 25.65% stake. In addition to CCP and EIIC, the firm’s other leading shareholders include Saudi Arabian conglomerates Olayan Group and Abanumay Group as well as leading Egyptian institutions and high-net-worth investors. International funds hold approximately 15% of the company’s shares.
Qalaa Holdings (CCAP.CA on the Egyptian Exchange, formerly Citadel Capital) announced today that Emirates International Investment Company (EIIC), a long-term investor in Qalaa Holdings, has increased its stake in Qalaa to 10.41%.
EIIC, headed by Sheikh Saif bin Zayed Al-Nahyan, is key strategic unit of Abu Dhabi conglomerate National Holding, one of the Emirates’ leading privately-owned companies.
“EIIC’s decision to increase its stake in Qalaa is a vote of confidence in our strategy, in our strategic transformation into an investment company, and in our call on the very positive long-term outlook for the Egyptian economy,” said Qalaa Holdings Chairman and Founder Ahmed Heikal. “We are honored to have their trust will continue to work diligently to create value for all of our shareholders.”
As part of the transaction, EIIC has taken a second seat on Qalaa Holdings’ Board of Directors. Robert Wages joins fellow EIIC appointee Ragheed Shanti, who has served on Qalaa’s board since 2012. Wages has been Head of Private Equity at EIIC since 2010 and was earlier Executive Director of Private Equity at InvestAD, also in Abu Dhabi. Wages holds CFA and CAIA charters and is a graduate of Princeton University.
Citadel Capital Partners Ltd. (CCP, the vehicle through which senior management holds its equity in the firm) remains Qalaa Holdings’ lead shareholder with a 25.65% stake. In addition to CCP and EIIC, the firm’s other leading shareholders include Saudi Arabian conglomerates Olayan Group and Abanumay Group as well as leading Egyptian institutions and high-net-worth investors. International funds hold approximately 15% of the company’s shares.