Egypt’s Wadi Degla Holding has signed a contract with Ezdehar Egypt Mid-Cap Fund, under which the latter shall seize 60% of Global Lease’s shares.
Commenting on the deal, the Chairman of Wadi Degla Holding Maged Helmy said that the firm managed to perform its main role as a holding company supporting new companies’ incorporation, and mapping out development strategies that would drive start-up companies to achieve their objectives rapidly and occupy an advanced position in their sector.
The shareholders of Ezdehar Egypt Mid-Cap Fund are made up of the European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB) and CDC Group, affiliated to the British government and The Netherlands Development Finance Company (FMO) as well as some Egyptian investors topped by Naguib Sawiris.
The deal would lead to the exit of Wadi Degla Holding from shareholding structure of the SANAD fund, affiliated to The German KfW Development Bank retaining its stake.
German development bank KfW’s SANAD fund has a 30% stake in Global Lease