The Governor of Minya toured yesterday ASEC Cement's under-construction, US$ 335 million state-of-the-art greenfield cement plant. ANCC will create a total of 1,900 direct and indirect jobs in Upper Egypt.
Minya Governor Gen. Serag El-Din El-Robie yesterday visited ASEC Cement's US$ 335 million, 5,000-ton-per-day greenfield cement plant for a tour of the site and a briefing on how the plant will help create as many as 1,900 jobs while supplying cement for the governorate's critical infrastructure projects.
The Arab National Cement Company (ANCC), a subsidiary of regional cement producer ASEC Cement, is located some 220 kilometers south of Cairo in the Minya governorate. In addition to creating 400 direct and 1,500 indirect jobs, the plant will provide cement for key infrastructure projects in Upper Egypt.
"I was impressed with the progress I saw yesterday," said Serag El-Din. "The high-quality Portland grey cement ANCC will produce will capitalize on the abundance of limestone in our governorate and help reduce cement imports both in Minya and in the nation as a whole. What's more, by choosing to build and create jobs in Minya, ANCC has positioned itself to serve high-demand markets across Upper Egypt and will benefit from use of the governorate's river port. This will help reduce road congestion and encourage development of the key river transportation sector."
"We are delighted to have hosted Gen. Serag El-Din," said ASEC Holding Chairman and Chief Executive Officer Giorgio Bodo, who noted that the project will also adhere to the highest global environmental standards. "With civil works now completed, fabrication and erection work is now well-underway and we're on track to begin commissioning the plant at the end of this year."
ANCC is backed by a US$ 200 million syndicated loan from a consortium of local, regional and international banks led by the Arab African International Bank (AAIB) as the mandated lead arranger and underwriter participated in the facility, which will be granted in two tranches. Participating banks include Banque du Caire, United Bank, National Bank of Greece, Bank of Alexandria, Bank Audi and Faisal Islamic Bank.
The US$ 335 million project, majority owned and controlled by ASEC Cement, has attracted a number of regional investors including Misr-Qena Cement Company, Hayel Saeed Group, FLSmidth -- which is also providing the equipment -- as well the Danish Institute for Development (IFU).
ASEC Cement holds a 28% stake in Misr-Qena Cement Company, a publicly traded company on the EGX (ticker: MCQE.CA).
ASEC Cement is a Portfolio Company of Citadel Capital (CCAP.CA on the Egyptian Stock Exchange).
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ASEC Cement is a Portfolio Company of ASEC Holding, Citadel Capital's platform investment for cement, engineering and construction in the Middle East and Africa. Created by Citadel Capital and a group of leading co-investors, ASEC Cement is growing into a leading regional cement production group that will have a combined production capacity of approximately 10 million tons per annum in 2015 spanning four countries from Algeria to Sudan.
Citadel Capital (CCAP.CA on the Egyptian Stock Exchange) is the leading private equity firm in the Middle East and Africa. Citadel Capital focuses on building regional platforms in select industries through acquisitions, turnarounds, and greenfields executed via Opportunity-Specific Funds. The firm's 19 OSFs now control Platform Companies with investments of US$ 9.0 billion in 15 countries spanning 15 industries, including mining, cement, transportation, food and energy. Since 2004, Citadel Capital has generated more than US$ 2.2 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 Capital is the largest private equity firm in Africa by PE assets under management (2006-2011, as ranked by Private Equity International). For more information, please visit www.citadelcapital.com.
© Press Release 2012
