Egypt's Qalaa sells 80 pct stake in investment bank Pharos

Qalaa Holdings, one of Egypt's largest investment companies, has signed a deal to sell its 80 percent stake in investment bank Pharos, Qalaa said in a statement on Tuesday.

Qalaa, one of Egypt's largest investment companies, has some $9.5 billion in assets under management, including stakes in dozens of firms mainly in Egypt and east and north Africa.

The companies expect the sale, to a group of investors led by Pharos' chairman and co-founder, to close this month.

They did not disclose the price of the deal.

"The exit of Pharos is part of executing our strategy to divest non-core businesses in a timely manner at the right valuations," said Qalaa Holdings Co-Founder and Managing Director Hisham El-Khazindar.