Published by
Joseph Green,
Editor
World Cement,
ASEC Cement, a subsidiary of Egypt's Qalaa Holdings, has announced that it intends to sell its stakes in ASEC Minya and ASEC Ready Mix to Misr Cement (Qena) for US$125 million.
The respective stakes in the two companies are 46.5% and 55%.
The deal should be finalised on or before 20 November, with the hope that the sale will help lower the debt of ASEC Cement by US$120 million.
Edited from source by Joseph Green. Source: Reuters
ASEC Engineering has signed an O&M contract with National Cement Share Company for its plant in Dire Dawa.
Agreement will see ASEC Cement provide training and sponsorship to chemistry and geology student activities.
ASEC Cement continues capacity expansion at Algerian cement plant whilst constructing 1.9 million tpa greenfield plant in Egypt.
According to reports, Al-Arabiya alWataniya has signed an EGP1.1 billion loan agreement to finance the construction of a new cement plant in Egypt.