Qalaa Holdings, one of the leading investment companies in Africa and the Middle East, is seeking a larger position in Egypt’s $4.3 billion Egyptian Refining Company after QatarEnergy agreed to exit an investment vehicle holding an indirect stake in the refinery.

The Cairo-listed investment firm’s board approved a transaction that would increase its effective indirect interest in the refinery to 27.1% from 13%, giving it a larger economic claim on one of Egypt’s strategic energy assets.

Qalaa plans $75 million rights issue

Qalaa plans to raise approximately EGP3.87 billion ($75 million) through a rights issue of 773.5 million new shares. The proceeds would help finance the acquisition and other obligations.

The company will acquire 55.4% of New Age Refining Limited, which is set to purchase all shares of QPI Egypt Limited from QatarEnergy at par value.

QPI Egypt holds an effective indirect 25.4% interest in Egyptian Refining Company. Qalaa’s 55.4% ownership of New Age would provide approximately 14.1 percentage points of additional indirect exposure to the refinery. Combined with its existing 13% holding, that produces the disclosed 27.1% stake.

The transaction is not a purchase of QatarEnergy’s entire refinery interest. New Age’s other shareholders will retain the remaining economic exposure.

QatarEnergy exit leaves deal value undisclosed

The proposed acquisition would increase Qalaa’s influence over a major Egyptian refining asset and its potential share of future dividends. However, the monetary value attached to the par-value sale has not been publicly disclosed by Qalaa or QatarEnergy. The parties expect financial close in December 2026, subject to agreed conditions.

The transaction also leaves investors awaiting further details on the financing, final purchase obligations and the impact of the rights issue on existing shareholders.

Qalaa deepens its energy exposure

Qalaa Holdings, established in 2004 as Citadel Capital by Ahmed Heikal and Hisham El-Khazindar, is an Egyptian investment and holding company focused on energy, infrastructure and core industries across Africa and the Middle East.

Listed on the Egyptian Exchange and headquartered in Cairo, the company has investments across 15 countries, with regional offices including Algiers and Nairobi. Its portfolio extends beyond Egypt into high-growth African and Middle Eastern markets.

QatarEnergy is Qatar’s state-owned oil and natural gas company, responsible for the country’s domestic petroleum and energy operations. It operates major onshore and offshore fields, including the North Gas Field, part of the world’s largest single non-associated gas reservoir.