رئيس مجلس إدارة شركة القلعة المصرية لـ CNBC عربية: نسبة ملكية المساهمين الرئيسيين تبلغ حالياً نحو 24% ونتوقع موافقة الجميع على خطة إعادة هيكلة المديونية

CNBCArabia

Watch رئيس مجلس إدارة شركة القلعة المصرية لـ CNBC عربية: نسبة ملكية المساهمين الرئيسيين تبلغ حالياً نحو 24% ونتوقع موافقة الجميع على خطة إعادة هيكلة المديونية - CNBCArabia on Dailymotion

Transcript

00:00Welcome to this special interview that will take you from Cairo via CNBC Arabia's TV screen.

00:24Our guest in this interview is Dr. Ahmed Heikal, founder and president of Al-Qala company.

00:29Dr. Ahmed, welcome to CNBC Arabia's TV screen.

00:32Let's go back two steps.

00:35What is Al-Qala company?

00:37In all the good and bad times that Al-Qala company has gone through,

00:43until now, and what is the plan to restore Al-Qala company?

00:48Al-Qala company started in 2004.

00:52It started as a private equity money management company.

00:58Private equity.

01:01We did two big operations, and they were very successful.

01:06The first one was of ASIC company, and the second one was of Al-Masry Al-Asmat.

01:10And there was, thank God, a big profit.

01:13In 2006, we started to do a number of projects from scratch.

01:21The idea of these companies is that we continue to expand these companies,

01:28and we get profit distribution to Al-Qabita company.

01:34At the end of the day.

01:36In the past period, and in the period we are in,

01:40we preferred to reinvest this money in the companies,

01:48and we were careful not to get profit distribution.

01:53In 2008, the financial crisis happened,

01:58and we had to take loans to be able to reach these companies,

02:05and the financial importance of the repatriation, abroad.

02:08We took a loan of about 300 million dollars,

02:13which we withdrew 270 million dollars,

02:16from a group of local and international banks.

02:19When COVID hit, we asked the banks to re-schedule the loan for longer periods.

02:31We did the loan, and some banks said,

02:39No, we're not going to extend it.

02:41Instead, we want to take a loan for a period.

02:46So we suggested that they take a loan for a period,

02:55with the right to buy it back,

02:57but they said, no, we want energy.

02:59So we invested energy in the matter,

03:02and we made a loan.

03:04This is the first phase of the loan.

03:06This is the first phase of the loan.

03:07One of the local banks said,

03:09No, I'm ready to stay with you and extend the loan,

03:13and I want to do this.

03:15So he stayed with us.

03:17Some non-local foreign banks said,

03:24No, we won't be able to take assets in Egypt,

03:27and we won't be able to extend the loan.

03:32These are the two banks.

03:33These are the two banks.

03:35They said, what do you want?

03:37We want you to buy the loan from us.

03:39So the foreign banks asked for a re-evaluation of the loan,

03:45and not to get one of the assets of Al-Qala,

03:48as happened with the local banks.

03:50We told them, we're committed to extending the loan,

03:54but extend it.

03:55They said, no, we prefer to do a monetary evaluation right away.

04:03We said, okay, we're ready.

04:05But Al-Qala makes its investments in the companies below.

04:09So we said, we want this $28 million,

04:14and we'll get it,

04:16but all the contributors in Al-Qala's company benefit from it,

04:20by 7-5.

04:24So everyone who contributes to Al-Qala's company

04:30has the right to enter into the bonds,

04:35which finance the purchase of the $28 million loan.

04:40The next step is that we will take the original loan,

04:46which was purchased by the contributors.

04:49The original loan will be credited with 5 pounds of interest.

04:54The original loan, which is how much?

04:57The original loan is $230 million,

05:00but it will be credited with interest until the day of the payment.

05:04And in the history of the General Assembly,

05:08we will convert this loan into an Egyptian pound loan.

05:12So they have a loan.

05:14This loan will be credited with 5 pounds of interest.

05:19Okay?

05:21We, the Capital Partners Foundation,

05:24and all the contributors who want to join us.

05:27So you will join a General Assembly later,

05:32you will increase this amount,

05:35and it will open up in the first place in a monetary form,

05:39to all the contributors who are present in the history of the second General Assembly.

05:43To all the contributors who are present,

05:46and the people who will write my money,

05:49they are the ones who have a priority.

05:52And after that, we will clearly draw the other performance.

06:00Here, there is a clear benefit for the contributors who are present,

06:04at that time,

06:06which is today, or at that time.

06:08Why?

06:09Because there is a group of people

06:12who will increase the capital by 5 pounds.

06:15If the share price today is less than 5 pounds,

06:19and there is an increase in capital by 5 pounds,

06:22this is something for the benefit of all the contributors,

06:25we will not discuss it.

06:27This is 1000% financial financing.

06:31I am surprised that some people say that this is not for the benefit of the contributors.

06:37This is for the benefit of the contributors 1, 2, 3, and 4.

06:41This is nonsense.

06:43It would have been wrong if the price was higher than 5 pounds.

06:46But since the share price is less than 5 pounds,

06:49someone will come and buy a loan and draw it for 5 pounds,

06:53this is for the benefit of all the contributors.

06:55But Dr. Ahmed, some people see that the main contributors in the castle

06:59are the ones who benefit the most from the rebuilding process,

07:02and not the small contributors.

07:04This is available to all contributors,

07:07in proportion and proportionality.

07:09I don't know where this came from.

07:12This is clear in the speech.

07:18This is available in proportion and proportionality

07:21to the property of each contributor on May 7th.

07:27This is clear.

07:29And this is the explanation we made.

07:32The proportion of the main contributors in the company

07:35is currently 23%

07:37will increase to how much after the end of the process?

07:40Depending on how much people will contribute.

07:43I don't know how much people will contribute.

07:47This is all related to how much people will contribute.

07:55But do you expect it to exceed 50%?

07:57I don't know.

07:58I really don't know.

07:59We talked to the 4 or 5 main contributors in the castle,

08:04and these 5 will be included in the increase.

08:08They will be included in the list of contributions.

08:11We talked to several international companies

08:17to make people understand.

08:19But more than that...

08:22But do you expect that in the next general meeting,

08:25the small contributors will agree on a plan to rebuild?

08:28100%.

08:29100%.

08:30This is for the benefit of the company by 100%.

08:34No matter who will buy it.

08:37Because you will take a loan worth 230 million dollars,

08:43and you will increase the capital by 5 pounds.

08:48While the price fluctuates between 2.80 and 2.70 pounds.

08:53I don't know how much today.

08:55Today, the numbers are clear.

08:58This is accretive for the small contributors.

09:01What does it mean?

09:03This is for the benefit of the small contributors.

09:05How much loans will be left after the rebuilding?

09:08For the castle?

09:09For the Huld Castle?

09:10For the Huld Castle?

09:11Zero.

09:12No loans.

09:16We have entered a whole program.

09:21You asked me a specific question.

09:24The Huld Castle?

09:25The Huld Castle.

09:26And not the companies that are not allowed to sell.

09:29Just to be clear.

09:31Of course, we have loans for companies.

09:34We will pay 500 million dollars of loans for the rebuilding this year.

09:40250 million dollars in June and 250 million dollars in December.

09:44We are worried about the global situation.

09:54We are worried about the global situation.

09:58We have a program to reduce the amount of loans for the following companies.

10:02And the castle in a big way.

10:07After a number of things that we have announced,

10:12the revelations that we have made,

10:14the castle loans will be close to zero.

10:19These are very small things.

10:20For non-banking parties.

10:22We have some commitments for non-banking people.

10:27When do you expect to complete the Huld Castle?

10:30It is related to certain procedures.

10:37I imagine September, October, November.

10:41Before the end of the year.

10:43Some people in the market saw that this is a process of rebuying the main contributors to the company.

10:50It is not true.

10:51The truth is that everyone who has the right to buy,

10:56has a share in the ratio.

10:58For example, I can take 24% of the capital partners,

11:04as an excellent share.

11:0623% and a little bit.

11:08And this is also present in the expansion.

11:11But I don't know where this story came from.

11:16That people can't settle.

11:20I don't know where it came from.

11:23After the rebuilding process,

11:25how will this affect the financial performance of the Huld Castle,

11:29after the end of the loans on the Huld Castle?

11:31It is very positive.

11:33Today, you have $440 million that has disappeared.

11:36Whether by selling some assets,

11:39or by extending it for 10 years.

11:45This has not disappeared.

11:48Whether you bought a loan,

11:51and increased the capital with it.

11:56Any contributor must be very happy with this.

12:02Contributors also ask,

12:03will this have a positive effect on the long term,

12:06on the shares of the castle?

12:07If one day,

12:09we feel that people still don't understand,

12:17or don't want it to become a contributor,

12:21we will sell as many assets as we have,

12:24and we will buy more shares.

12:27So there could be an intention to buy more shares.

12:29Of course.

12:30This is clear and honest.

12:32But no one will complain,

12:34that they will buy more shares than they have in the market.

12:39I have been here for two years.

12:41I told you that I am warning you,

12:43that the share price is increasing.

12:45I have been here for eight quarters.

12:50I am writing this paragraph that I will read to you,

12:53to warn people,

12:55to be careful.

12:57I say,

12:59that the real value of the assets of the castle company,

13:03does not reflect the value of the shares.

13:07In view of the historical value of the assets,

13:10and in view of the impact of the demolition of the castle,

13:13without re-evaluating the assets,

13:15which reflects the increase in value.

13:17Dr. Ahmed, thank you very much for this interview.

13:19Thank you.

13:20We have reached the end of this special interview.

13:23You came from Cairo,

13:24and our guest was Dr. Ahmed Heikal,

13:26Founder and Chairman of the Castle Company Board.

13:29See you in the next episode.

13:31Goodbye.

Category

Transcript

Recommended