Qalaa Holdings has announced that its subsidiaries ASEC Cement and ASEC Cement Djelfa Offshore have completed the sale of 100% of ASEC Ciment Algerie, ‘AACC’, to an Algerian investor at a deal value equivalent to US$60 million.
The Sellers are currently complying with government requirements to repatriate the proceeds from Algeria. Qalaa hel an effective (indirect) 37% ownership stake in AACC, which has a liscence to build a 3 million tpy cement plant in Djelfa, Algeria.
The sale of AACC falls within Qalaa’s strategy of divesting non-essential assets and significantly reducing financial risk by deleveraging at the holding and platform company levels. In the past year, the company has already made significant strides to streamline and reshape its investments with the conclusion exits from El Aguizy, Tanmeyah, Misr Glass Manufacturing and the United Glass Company.
According to Qalaa Chairman and Founder, Ahmed Heikal, Qalaa Holdings will continue to focus management bandwidth on investments with high growth potential such as the Egyptian Refining Company (ERC), which is now nearing completion, and TAQA Arabia, Egypt’s largest private sector energy distribution business.