Sues Cement Awaits an Anchor Investor
The Egyptian Suez Cement share of the local market has reached 32 percent following its acquisition of 66.75 percent of Torah Cement, making it one of the biggest cement companies in Egypt, with a production capacity exceeding 6.7 million tons annually, said The Middle East English weekly.
According to a study made by HSBC, Suez is now trying to reduce its debt, which amount to E£1.6 billion, through selling 10 percent of its stake in Egyptian Cement, said the weekly.
It hopes to raise E£170 million to repay some of its debts. In another attempt to reduce its debts, Suez Cement board decided to increase its paid-up capital by 18.7 percent.
The money generated would go to repaying some debts as well as making further acquisitions, it added – Albawaba.com