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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