12 November 2008
Solvay Group has acquired Alexandria Sodium Carbonate Company (ASCC), according to Pharos Holding for Financial Investments, which said it helped structure the deal.
Solvay, the world's leading manufacturer of sodium carbonate, paid 760 million Egyptian pounds (Dh505m) for ASCC. Pharos Holding acted as lead financial advisers to Solvay, while Pharos Securities was the mandated broker to execute the transaction. Solvay officially took control of ASCC from the Holding Company for Chemical Industries (HCCI), an Egyptian state-owned holding company, Sunday when ASCC's general assembly was convened to confirm the transfer of ownership and appoint the Solvay directors to the board of ASCC.
ASCC is Egypt's sole producer of sodium carbonate and quicklime, with a production capacity of 130,000 TPA of sodium carbonate, a chemical whose largest application is in the glass manufacturing industry. ASCC's plant was erected in 1974 near the city of Alexandria, and was modernized at the end of the 1990's.
The acquisition is considered by Pharos Holding as a model for successful responsible privatisation transactions, a statement said.
Solvay Group has acquired Alexandria Sodium Carbonate Company (ASCC), according to Pharos Holding for Financial Investments, which said it helped structure the deal.
Solvay, the world's leading manufacturer of sodium carbonate, paid 760 million Egyptian pounds (Dh505m) for ASCC. Pharos Holding acted as lead financial advisers to Solvay, while Pharos Securities was the mandated broker to execute the transaction. Solvay officially took control of ASCC from the Holding Company for Chemical Industries (HCCI), an Egyptian state-owned holding company, Sunday when ASCC's general assembly was convened to confirm the transfer of ownership and appoint the Solvay directors to the board of ASCC.
ASCC is Egypt's sole producer of sodium carbonate and quicklime, with a production capacity of 130,000 TPA of sodium carbonate, a chemical whose largest application is in the glass manufacturing industry. ASCC's plant was erected in 1974 near the city of Alexandria, and was modernized at the end of the 1990's.
The acquisition is considered by Pharos Holding as a model for successful responsible privatisation transactions, a statement said.
By Staff Writer
© Emirates Business 24/7 2008
