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El Maal , Egypt.
7/2/2009 12:00:00 AM
IFC Invest 24 million USD in ASEC Algeria
The IEC “International Finance Cooperation“ accepts to contribute with a total amount of 24 Million USD in ASEC Algeria, one of ASEC Cement companies, and which was established to execute cement factory in Djelfa, which is located at 300 K.M from Algeria the capital.
The production capacity is 3.1 million tons annually, with a total investment of 550 million USD, the project will be executed on 2 stages, the 1st stage cost 300 million USD, and will be ready by 2011 with a production capacity of 1.5 million tons, while the cost for the 2nd stage will be 250 million USD, and will increase the production capacity to 3.1 million tons.

ASEC Cement is one of citadel group companies, and with a capital of 580 million USD, its total investment in cement industry till the end of June 2009 is 735 million USD.

The approval of the IFC to finance Djelfa project is their second experience during these weeks. After they have declared during the end of May 2009 that they will pay 25 million USD to “Citadel capital joint investment fund”.

Mr. Abdallah ElEbiary, the CEO of citadel group, said that the final structure for financing Djelfa project is not yet settled, concerning the ratio of the capital versus loan in the total cost of investment.

Usually the loan ratio is not less than 1:1 versus the capital in citadel projects.
ASEC Egypt share by 60% in the total capital in ASEC Algeria, and the rest 40% is shared by number of investors, one of them is IFC.

ASEC was granted the license of Djelfa factory in a tender that was submitted by the Algerian cement holding company two years ago, with an amount of 22 million USD.

Djelfa factory is the last project for cement production that the Algerian government approved to be owned to foreign investment by 100%, immediately after Lafarge acquired Orascom Cement in Algeria , the government decided to put a ceiling of 49% for the owning of foreign investment in local cement projects.

ASEC Holding have 7 projects for cement production, in addition to Djelfa project, they have a share of 35% in Zahana factory and its production capacity if 1.1 million tons, and it is expected to increase to 2.8 million tons by 2011.

Also they have 28% in Misr Quena cement, its production capacity is 1.7 million tons, which permits ASEC to be representative in the board of directors, and also they gained an acquisition in October 2007 with an amount of 200 million EGP, to build a cement factory in Menia region, through the Arab National company for cement, ASEC will have the share of 51% and the rest will be for other investors.

The factory will start its production with 30 months with a production capacity of 1.6 million tons.

ASEC also own Al-Takamul factory, that will start its production in the 4th quarter of year 2009, with a production capacity of 1.5 million tons, and ASEC have a share of 51% versus 49% for Sudan Pension fund, also ASEC Own a license to establish a factory in Syria in Abo El-Shamal region, 60 KM from the capital, with a production capacity of 1.5 million tons and will start the production by 2011, Also they acquired G.R.D to establish a cement factory in Kurdistan, South Iraq, with production capacity of 1.5 million tons and will start by 2011.

Mr. Abdallah El-Ebiary said that ASEC Strategy works on 3 stages, the 1st is acquisition for cement licenses in attractive markets in the region, the second is perform technical and marketing studies  and attract investors, the third is the starting of production.

Al-Maal-newspaper.pdf
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