Suez Cement sells stake in Kuwait's Hilal Cement

The value of the transaction amounts to $9.91mln

  
Kuwaiti traders are seen at the Kuwait Boursa stock market trading hall in Kuwait city, Kuwait September 16, 2019. Image used for illustrative purpose

Kuwaiti traders are seen at the Kuwait Boursa stock market trading hall in Kuwait city, Kuwait September 16, 2019. Image used for illustrative purpose

REUTERS/Stephanie McGehee
Kuwait - Boursa Kuwait announced the completion of procedures for the sale of 51.75 million shares in Hilal Cement.

Suez Cement, listed on the Egyptian Exchange (EGX), sold its stake in the Kuwaiti cement producer for a value of KWD 3 million or KWD 0.057 per share, according to a bourse statement on Sunday.

Earlier, the board of directors of Suez Cement approved a decision to offer its 51% stake in Hilal Cement for sale.

During 2019, Hilal Cement incurred net losses of about KWD 681,100, up from nearly KWD 68,750 in 2018.

Source: Mubasher

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