Ciment de Sibline, one of Lebanon’s leading cement producers recently signed a strategic partnership with Portugese cement firm SECIL, reported Lebinvest. The agreement is expected to help Sibline reduce its production costs and extend the Port of Jiyyeh. The company posted losses of $1.7 million in 2000.
SECIL will invest $20 million in Sibline by way of subscribing 16 million more shares at $1.25 per share, thereby raising its shareholding to 21 percent of the company.
Ciment de Sibline was founded in 1974 by but because of the security situation prevailing in Lebanon at that time, completion of construction was delayed until 1987. The company is third largest producer of clinker and cement in Lebanon. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
