Qalaa Holding’s extraordinary general meeting (EGM) approved an increase in the company’s issued capital, alongside the allocation of proceeds amounting to EGP 3.868 billion. The meeting also reviewed agreements to raise Qalaa’s indirect ownership in the Egyptian Refining Company (ERC) from 13% to 27.1%, while bolstering its stake in TAQA Arabia by approximately 5%, according to a disclosure on the Egyptian Exchange (EGX).

Shareholders holding 2.529 billion shares attended the meeting, representing approximately 59.84% of the company’s shares.

The report noted that an upcoming capital increase would expand stakes in key energy assets and settle outstanding bank liabilities.

On September 10, the board approved a capital increase of EGP 3.87 billion, bringing total capital to EGP 25 billion. According to an EGX filing, half of the proceeds, approximately EGP 1.93 billion, was said to fund an increased stake in the Egyptian Refining Company (ERC) and TAQA Arabia.

In September, the board approved acquiring an additional stake in ERC, raising its indirect ownership from 13% to 27.1%.

Last June, Qalaa revealed it could become the majority shareholder in TAQA Arabia, potentially pushing its stake above 55%, through planned acquisitions and future share purchase rights.

Qalaa Holdings is an Egypt-based private equity firm that manages an investment portfolio across diverse industrial sectors, including energy, cement manufacturing, mining, and metallurgy.