Cairo (APD) - France's Lafarge sold its 10.3% stake in Arab Swiss Engineering Company (ASEC) to National Company for Development and Trade in a LE 100 million deal, Egypt's business daily, al-Alam al-Youm, reported Wednesday.
National Company for Development and Trade is a subsidiary of Citadel for Financial Investments who succeeded to fully acquire Arab Swiss Engineering Company in a series of acquisitions. The company already held a 59.3% stake in ASEC.
Prior to buying the ASEC shares held by Lafarge, Citadel for Financial Investments had acquired the National Cement Company's (Kawmia) 9.68% stake in ASEC and also the 10.3% stakes of each the Suez Cement Company and Tourah Cement Company.
Arab Swiss Engineering Company previously owned 44% stake in ASEC Cement Company, Egypt's sole producer of white Portland cement. Suez Cement Company, the Egyptian arm of Italcementi, last August took over ASEC Cement Company in a LE 4.3 billion deal.
Net profits of ASEC Cement Company reached LE 96 million in the first quarter of 2005, compared to LE 0.7 million a year earlier. [TS]
By Eman Wahby, APD Staff Writer in Cairo
© APD (Arab Press Digest) 2005
