Saturday, Oct 06, 2007
BEIRUT (Zawya Dow Jones)--Saudi-based Al Tuwairqi Group is the most likely winner in a bid to buy a minimum 83.1% stake in Egypt's Arab Co. for Special Steel, or Arcosteel, Jeddah-based daily Okaz reported Saturday.
Al Tuwairqi's competitor for the stake, Egypt's Al Ezz Steel Co., is facing monopolistic charges, the report said.
The government postponed its decision about the winner until after Eid Al-Fitr because it hasn't completed the investigations yet, the paper said citing an official from the Holding Company for Metallurgical Industries.
But there are doubts that the deal would be finalized since the bids showed that Al Ezz Steel's offer is the highest, the official said.
The government is conducting further talks with the bidders for a better offer, he said.
Arcosteel, which has an authorized capital of 800 million Egyptian pounds ($140 million), specializes in the production of steel for the automobile industry and railways. The company produces around 140,000 tons of steel annually.
Newspaper Web site: http://www.okaz.com.sa/okaz/
-By Beirut bureau, Zawya Dow Jones, 961 1 985757, beirut@zawya.com
Copyright (c) 2007 ABQ Zawya Ltd.
(END) Dow Jones Newswires
06-10-07 0859GMT
