Cairo-based Qalaa Holdings has unveiled the first phase of its debt repurchase program, inviting stakeholders to participate in a strategic move to streamline obligations. Applications open from June 2 to 9, targeting debt tied to a 2012 syndicated loan. The initiative involves issuing notes via Qalaa Holdings Restructuring I Ltd (QHRI), priced at EGP 0.6776 per share, with a total allocation capped at EGP 1.07 billion. This follows April’s EGP 13.45 billion debt settlement with five banks. Despite these efforts, the company reported a 37% drop in 2023 net profits to EGP 11.8 billion from EGP 18.74 billion in 2022.