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Misr Beni Suef Cement to pay EGP 260m in dispute settlement

Misr Beni Suef Cement to pay EGP 260m in dispute settlement
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Misr Beni Suef Cement
MBSC
-2.83% 39.81 -1.16
Qalaa Holding
CCAP
-2.52% 2.32 -0.06

Cairo – Mubasher: Misr Beni Suef Cement has agreed to pay EGP 260 million to settle a contractual dispute with Arab Swiss Engineering Company (ASEC), a subsidiary of Qalaa Holdings.

Under the settlement deal, Misr Beni Suef Cement will receive an inventory of spare parts from ASEC, according to a bourse filing.

The Cairo Regional Centre for International Commercial Arbitration rendered an award in favour of ASEC in the case filed by the company against Misr Beni Suef in 2021.

Misr Beni Suef turned towards profitability during the financial year 2023, registering a net profit of EGP 369.10 million.