Egyptian firm Qalaa Holding acknowledged in a 30 July filing to the Egyptian Stock Exchange that its need to continually raise finance has seen its ownership of the under-development 81,500 b/d Egyptian Refining Company (ERC) hydrocracker in Cairo fall to just 13.14%. The latest fall is the result of fellow investors Egyptian state firm EPGC and Qatari state counterpart QP underwriting $192mn of additional equity at the time of financial close in June 2012, as well as EGPC underwriting $50mn...