London/Dubai: Talks between Qalaa Holdings and Saudi Arabia’s Almarai Co. about the sale of Egypt’s largest dairy farm have stalled, according to two people familiar with the matter.
The sale of Dina Farms would have been worth around $300 million, the people said, asking not to be identified as the information is private. Qalaa may try to re-engage in sale talks later in the year, the people said.
Qalaa, the private equity firm formerly known as Citadel Capital, is selling off some of its assets as it seeks to return to profitability after five years of losses. The company hired Renaissance Capital in 2015 to advise it on a debt restructuring. Qalaa expects to raise about $450 million from the sale of 12 companies this year, Chairman Ahmad Heikal told Bloomberg in January.