Mubasher TV
Contact Us Advertising   العربية

Qalaa’s unit inks MoU to exit from Algerian Zahana Cement

Qalaa’s unit inks MoU to exit from Algerian Zahana Cement
The transaction is expected to take place prior to mid-2019
Qalaa Holding
CCAP
0.00% 2.71 0.00

Cairo - Mubasher: Qalaa Holdings on Wednesday said that its subsidiary, Asec Cement, has signed a memorandum of understanding (MoF) with Groupe industriel des ciments d'Algérie (GICA) to exit from the Algeria-based Zahana Cement Factory.

Upon the MoU, the GICA will purchase Asec’s stake in Zahana, the company highlighted in a filing to the Egyptian Exchange (EGX).

The transaction is expected to take place prior to mid-2019 after setting the fair value of the shares, the Egyptian investment firm indicated.

It is worth noting that Qalaa Holdings holds a 52% stake in Asec Cement, which owns 35% of Zahana Cement’s shares.

In September, Qalaa Holdings announced that Asec Cement was looking to exit from the Algerian facility Zahana Cement.