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Misr Cement Qena seeks stakes in Qalaa's subsidiaries

Misr Cement Qena seeks stakes in Qalaa's subsidiaries
Photo Credit: Arabianeye-Reuters
Misr Cement - Qena
MCQE
-1.55% 17.79 -0.28
Qalaa Holding
CCAP
0.00% 2.71 0.00

Cairo - Mubasher: Qalaa Holdings, formerly known as Citadel Capital, announced that it received a preliminary acquisition offer from Misr Cement – Qena to buy stakes in both its subsidiaries ASEC Minya and ASEC Ready Mix Concrete.    

According to the offer terms, Misr Cement – Qena seeks to buy 46.5% stake and 55% stake in ASEC Minya and ASEC Ready Mix Concrete respectively.

Qalaa owns indirect stakes amount to 24.1% and 28.5% in both ASEC Minya and ASEC Ready Mix Concrete respectively.

In this context, Misr Cement – Qena said it will hold shareholders meeting on 7 October to review the offer, noting that its value wasn't determined yet.

Misr Cement – Qena accounts for 14% stake in ASEC Minya and 55% stake in ASEC Ready Mix Concrete.

Qalaa Holdings controls subsidiaries in core industries including Energy, Cement, Transportation & Logistics, and Mining.