Cairo – Mubasher: The board of Suez Cement decided to submit an offer to acquire up to 100% of the issued capital of Tourah Portland Cement Company for EGP 7.18 per share.

The target company’s shares will be delisted from the Egyptian Exchange (EGX) upon the execution of the transaction, according to a bourse disclosure on Tuesday.

As HeidelbergCement France, the parent of Ciments Francais, directly and indirectly owns 55.08% of Suez Cement which in turn owns 66.12% of Tourah Portland Cement, the representatives of HeidelbergCement Group’s subsidiaries suggested that Suez Cement submits an offer to fully acquire Tourah Portland Cement.

During the first six months of 2020, Suez Cement incurred net losses of EGP 709.31 million, up from EGP 356.49 million in the year-ago period, including minority shareholders’ rights.