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Alexandria Cement Plans Rights Issue

World Cement,

Egypt’s stock exchange has announced that Alexandra Cement is planning a US$ 442 million rights issue to begin on 19 May. Reuters reports that this will pave the way for the Egyptian company’s main shareholder, Titan, to sell a 16% stake in the company to the International Finance Corporation (IFC) for €80 million.

Alexandra Cement will use the proceeds of the rights issue to buy 95% of Beni Suef Cement Company, which is also owned by Titan. Alexandra Cement will pay Titan EGP 3.13 billion for the stake which will increase Alexandra’s total stake in Beni Suef to 99.998%. Titan expects to complete the IFC sale before the end of June 2010.

Last month Titan reported a 41% drop in profit in 2009. The Greek company has been struggling to cope with a shrinking business and has had to cut debt.

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