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Suez Cement sells stake in Kuwait's Hilal Cement

Suez Cement sells stake in Kuwait's Hilal Cement
The value of the transaction amounts to KWD 3 million
Suez Cement
SUCE
0.94% 7.40 0.07
HCC
HCC
0.00% 86.50 0.00

Mubasher: Boursa Kuwait announced the completion of procedures for the sale of 51.75 million shares in Hilal Cement.

Suez Cement, listed on the Egyptian Exchange (EGX), sold its stake in the Kuwaiti cement producer for a value of KWD 3 million or KWD 0.057 per share, according to a bourse statement on Sunday.

Earlier, the board of directors of Suez Cement approved a decision to offer its 51% stake in Hilal Cement for sale

During 2019, Hilal Cement incurred net losses of about KWD 681,100, up from nearly KWD 68,750 in 2018.