Egypt\'s Cement: Privatization, no Privatization
The Egyptian cement sector has again become in the spotlight after the government recently revoked a decision to sell part of its stocks to the private sector, according to Al Ahram Weekly in its latest issue
Last February witnessed fierce battles over the acquisitions of majority stakes in five cement companies, which resulted in giving four multinational cement companies a significant foothold in the sector, which is now 30 percent foreign-owned.
One month later, the paper added, the government announced that it would put on ice further privatizations in a sector that it considers "strategic," said the paper.
But things are expected to heat up again following the government's reversal of this decision in late December.
At that time, the Egyptian Ministerial Committee for Privatization approved the expansion of the ownership base of Helwan Cement through the sale of 48.7 percent of its shares: 20 percent on the stock market, and 27.8 percent to a strategic investor, according to the report.
According to the weekly, this move came after a Saudi investor expressed interest in buying the state's 47 percent stake -- Albawaba.com
© 2001 Al Bawaba (www.albawaba.com)