Suez Cement confirms no intention of acquiring Torah Cement
Egypt’s Suez Cement has confirmed no current intention of acquiring the remaining available shares in its 66 percent-owned subsidiary Torah Cement. Suez purchased a 34 percent stake in the firm in 2000.
A statement in Suez’s 2001 financial report that a feasible method of acquiring the remaining shares in Torah Cement was under review triggered recent talk of the possible acquisition
Talk of a potential deal pushed associated stocks up 3.3 percent to 35 Egyptian pounds on heavy volumes with the share executing its last trade limit at a year high of EP 35.6, reported CASE.
Established in 1977, Suez Cement manufactures and distributes various types of cement, ready-mix concrete and concrete products. Anchor investor Ciments Francais holds a 25 percent stake in the company making it the firm’s largest shareholder. — (menareport.com)
© 2002 Mena Report (www.menareport.com)