|24 November, 2019

Titan Cement acquires indirect majority stake in Alexandria Portland Cement

Alexandria Development Ltd owns an 88.93% stake in Alexandria Portland Cement

A trader works at the Egyptian stock exchange in Cairo, Egypt September 23, 2019.

A trader works at the Egyptian stock exchange in Cairo, Egypt September 23, 2019.

REUTERS/Mohamed Abd El Ghany

Cairo – Mubasher: Alexandria Portland Cement announced that Titan Cement International has acquired the International Finance Corporation’s (IFC) minority stakes in Titan’s businesses in Southeast Europe and Egypt, including Alexandria Development Ltd.

Titan Cement International owns an indirect stake of 82.72% in Alexandria Development Ltd, while IFC holds the remaining 17.28% stake, according to a statement to the Egyptian Exchange (EGX) on Sunday.

It is noteworthy that Alexandria Development Ltd owns an 88.93% stake in Alexandria Portland Cement.

During the first nine months of 2019, Alexandria Portland Cement incurred net losses of EGP 96.58 million, compared to EGP 245.7 million in the same period of 2018.

Source: Mubasher

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