Egypt- ASEC raises stake in ASEC Cement

22 Feb 2010

(MENAFN) A senior official at ASEC Holding said that the company has acquired an additional 9.48 percent of ASEC Cement, one of its key Portfolio Companies, in a deal worth $80 million in cash and shares, Khaleej Times reported.

The selling party is the Emirates International Investment Company, a long-time limited partner in a number of Citadel Capital’s Opportunity Specific Funds and a shareholder in the firm.

ASEC is Citadel Capital’s Platform Company in the regional cement production, engineering and construction industries. The transaction will see ASEC Holding raise its stake in ASEC Cement to 61.04 percent.

This transaction reflects ASEC Cement’s outstanding growth potential as it moves steadily toward controlling over 12 million tons of production capacity per year by 2013, the official noted.

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