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Thursday, 30 May 2019

Qalaa Holdings completes final funding round for ERC

Qalaa Holdings has completed the final USD 120 mn funding round for its Egyptian Refining Company (ERC), including a capital increase of USD 70 mn and loans at a combined total of USD 50 mn, Al Mal reported. The funding will be used to restructure its debts, Chairman Ahmed Heikal said. The project, which has drawn a total of USD 4.4 bn in investments, is 99.6% complete and is expected to come online within the coming months.

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