Qalaa’s unit signs debt settlement deals

Egypt’s Qalaa Holdings said on Tuesday its subsidiary National Development and Trade (NTD) had signed an agreement on the settlement of debts worth around 1.447 million Egyptian pounds ($46,830).

NDT also agreed with a fourth bank to settle another debt worth around 536 million pounds over two years, Qalaa added in a disclosure to the Egyptian Exchange (EGX).

Under these agreements, NDT shall be exempted from paying accumulated interests on loans, a move will have a positive impact on the company’s financial statements.

The agreements are part of Qalaa and its subsidiaries’ efforts to reduce their debts.

Qalaa owns 64.28 per cent direct and indirect stakes in NDC.