Cairo – Mubasher: Qalaa Holdings revealed Sunday that a subsidiary, owning ASEC Algeria Cement Company, has concluded a preliminary contract to sell its 100% stake for an Algerian investment consortium.

The agreement value is estimated at $60 million (EGP 534 million), a bourse statement indicated, adding that the deal is likely to be finalized by the end of the current fiscal year.

The company did not reveal further details about the buyer.

In the first half, net losses rose to EGP 948.3 million in Q2-16, as compared to EGP 220.9 million for H1-15.