Cairo - Mubasher: Misr Cement - Qena said it gave go ahead to the finance contracts related to its recent deal with ASEC Cement.

Earlier, ASEC Cement, subsidiary of Qalaa Holdings, has signed a sale and purchase agreement for the sale of its holdings in subsidiaries ASEC Minya Cement and ASEC Ready Mix Co. — representing 46.5% and 55%, respectively — to Misr Cement Qena for total consideration of EGP 1 billion.

The deal will be financed jointly through Commercial International Bank, National Bank of Egypt and Banque Misr.

The cement producer reported net profits of EGP 231.5 million for the first nine months of 2015, down 4.78% from EGP 243.16 million for the similar period a year earlier.