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Al-Maal , Egypt.
2/22/2010 12:00:00 AM
ASEC Holding raised their share in ASEC CEMENT by 61%
ASEC Holding raised their share in ASEC CEMENT from 51.56% to 61.04% , the agreement reached 80 million USD, accordingly Emirates company sold all their shares which was 9.48% in ASEC CEMENT to ASEC Holding, Mr.Hesham Al-Khesindar , the CEO of Citadel capital confirmed that the agreement accomplish a mutual interest , it provide a liquidity to Emirates company  of 50 million USD as well as having an additional share in ASEC Holding, as for Citadel company they were able to raise their share in ASEC CEMENT.

ASEC CEMENT aim to produce 12 million tons of cement by 2013, Now ASEC Holding  structure will be as follows: 46% Citadel Capital, 31% F.H.I, 13.6% Emirates company.

Al-Maal 22 February 2010.jpg
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ASEC CEMENT is a platform for investments in emerging cement markets in the Middle East and North Africa Region and was created in November 2005 by Citadel Capital, the MENA region’s leading private equity firm

 
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