Qalaa Holdings S.A.E. (CASE:CCAP) agreed to acquire 6.24% stake in Egyptian Refining Company from Qatar Petroleum on January 16, 2019. As a result of the transaction Qalaa Holdings S.A.E ownership stake increases from 16.76% to 23%. Qalaa Holdings expected to obtain the required financing during second quarter of the year 2019. The transaction is expected to be closed in the second quarter of 2019. Qalaa Holdings S.A.E. (CASE:CCAP) cancelled the acquisition of 6.24% stake in Egyptian Refining Company from Qatar Petroleum on January 16, 2020.