ASEC Engineering and Management Enters Agreement to Manage Sudanese Cement Plant

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ASEC EngineeringASEC Engineering, a Portfolio Company of ASEC HoldingASEC Holding, has signed a contract with Alsalam Cement Production Company (ACPC) to manage a cement plant near Atbara, Sudan
ASEC HoldingASEC Holding announced today that Portfolio Company ASEC Engineering and ManagementASEC Engineering and Management has signed a three-year renewable contract to provide technical management services for Alsalam Cement Production Company (ACPC)'s cement plant near Atbara in Sudan.

The Atbara plant produces clinker, which is then ground with gypsum to make cement. The plant has a production capacity of approximately 2,000 tons of clinker per day. ASEC EngineeringASEC Engineering will receive a fixed fee for every ton of clinker produced in return for a guaranteed minimum annual production and a pledge to reduce the plant's consumption of electrical power and fuel.

"We look forward to developing a strategy that optimizes the efficiency of Alsalam's production process," said ASEC EngineeringASEC Engineering Chief Executive Officer Mohamed Galal Yakout, who noted the contract is the company's second in Sudan.

ASEC EngineeringASEC Engineering has long provided market-leading management and consultancy services in Egypt, where in 2009 the company managed seven plants with a total production capacity of about 15 million tons per annum, or more than 30% of total cement production capacity in the country. In 2010, the company has already delivered three major cement plant consultancy projects. In addition to its expansion into Sudan, ASEC EngineeringASEC Engineering played a vital role in the turnaround of the Zahana cement plant in Algeria and is currently exploring opportunities in other regional markets.

In related news, ASEC EngineeringASEC Engineering will also be responsible for the technical management of ASEC Cement's nearby Takamol plant, which is in advanced stages of operational testing. Scheduled to open later this month, the plant will have a production capacity of 1.45 million tons per annum (MTPA) of clinker and 1.6 MTPA of cement, reducing Sudan's national cement deficit of 3 MTPA by more than half.

ASEC HoldingASEC Holding

Citadel CapitalCitadel Capital

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ASEC EngineeringASEC Engineering and Management is a wholly-owned subsidiary of ASEC HoldingASEC Holding, a Platform Company of Citadel CapitalCitadel Capital, the leading private equity in the Middle East and Africa. ASEC EngineeringASEC Engineering is the leading company for cement technology in the MENA region, providing technical management and consultancy services to regional cement plants since 1975. In addition, ASEC Engineering and ManagementASEC Engineering and Management provides specialized services including production optimization, upgrading, major overhauls, specialized maintenance, material testing and certification, and training.

Citadel Capital (CCAP.CA on the Egyptian Stock Exchange) is the leading private equity in the Middle East and Africa. Citadel CapitalCitadel Capital focuses on building regional platforms in select industries through acquisitions, turnarounds, and greenfields executed via Opportunity Specific Funds. Citadel CapitalCitadel Capital's 19 OSFs now control Platform Companies with investments worth more than US$ 8.3 billion in 14 countries spanning 15 industries, including mining, cement, transportation, food and energy. Since 2004, the firm has generated more than US$ 2.5 billion in cash returns to its co-investors and shareholders (on investments of US$ 650 million), more than any other private equity firm in the region. Citadel CapitalCitadel Capital is the largest private equity firm in Africa by PE assets under management (2005-2010, as ranked by Private Equity International). For more information, please visit www.citadelcapital.com.

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© Press Release 2010