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ASEC Cement to sell ASEC Minya and ASEC Ready Mix

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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

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