Egypt: Qena to buy shares in ASEC Cement's units for EGP 1bn

Misr Cement (Qena) is likely to acquire shares in ASEC Cement's units for EGP 1 billion (€113.12 million/US$124.53 million). The deal will close by 20 November 2015. According to a statement, Qena will buy a 55% stake in ASEC Ready Mix and a 46.5% stake in ASEC Minya Cement. ASEC Ready Mix produces ready-mix concrete while ASEC Minya Cement produces cement. Qalaa Holdings and its unit National Development and Trading Company hold a 70% stake in ASEC Cement.

November 2, 2015 Read time: 1 min

Misr Cement (8024 Qena) is likely to acquire shares in ASEC Cement's units for EGP 1 billion (€113.12 million/US$124.53 million).

The deal will close by 20 November 2015.

According to a statement, Qena will buy a 55% stake in ASEC Ready Mix and a 46.5% stake in ASEC Minya Cement.

ASEC Ready Mix produces ready-mix concrete while ASEC Minya Cement produces cement.

Qalaa Holdings and its unit National Development and Trading Company hold a 70% stake in ASEC Cement.

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Germany, Europe’s top aggregates producer continues to lead the way out of the recession

As the top aggregates producer in Europe, Germany is making the most of its strong position to ensure that it continues to lead the way out of the recession. Industry commentators agree that the overall economic prospects still look positive and that the improving employment situation plus favourable financing conditions are helping to incentivise home ownership, which can only be good for Germany’s historically healthy construction market. (Existing buildings, however, still account for more than 75% of th