Shareholders deny negotiations for the Torah Cement sale
Egypt's Holding Company for Metallurgical Industries (HCMI) has firmly dispelled rumors that it is negotiating the sale of its 19 percent stake in Torah Cement to Ciment Francais. The company announced it had received no letters of intent from investors wishing to acquire this stake.
Torah’s other principal shareholder, Suez Cement, has also sent an official notification to the Cairo and Alexandria Stock Exchange (CASE) saying that it is not conducting negotiations with Investors for the sale of its 66.6 percent stake in Torah Portland Cement Company.
Torah Cement’s remaining 15 percent shares are freely floated. THe company reported 96 percent net profits drop for the first nine-months of 2002, ending September 30, to reach 4.09 million Egyptian Pounds, compared to the corresponding period in financial year 2001. The fall is largely attributed to a drop in demand for cement, which drove down cement prices on the Egyptian market. — (menareport.com)
© 2002 Mena Report (www.menareport.com)