Suez Cement submits offer to acquire Tourah Portland Cement
Suez Cement intends to purchase 20,075,475 shares, the equivalent of 28.068%, of Tourah Portland
A trader works at the Egyptian stock market in Cairo .
REUTERS/Mohamed Abd El Ghany
By Staff Writer, Arab Finance
ArabFinance: Suez Cement Group (SUCE) will propose a tender offer to acquire up to 100% of the issued capital of Tourah Portland Cement Company (TORA) for EGP 7.18 per share, according to a September 28th disclosure to the Egyptian Exchange (EGX).
Upon the execution of the tender offer, Tourah Portland will voluntary delist its share from the EGX, Suez Cement said.
Suez Cement intends to purchase 20,075,475 shares, the equivalent of 28.068%, of Tourah Portland. It incurred a consolidated net loss after tax of EGP 709.31 million during the first half (H1) of 2020.
The loss deepened by almost 99% Year on Year from EGP 356.49 million in H1 2019.
Established in 1979 and listed in 1995, Suez Cement is a public company that operates within the materials sector focusing on construction materials.
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