Asec for Manufacturing and Industrial Projects, a unit of Asec Holding, said it has signed a US$130m contract to build a cement plant for Building Materials Industry Company in southern Egypt.
Asec for Manufacturing, also known as Aresco, will provide all the civil, electrical and mechanical works for the 1.5Mta facility in the governorate of Assiut, the company said in an emailed statement. Aresco will also provide steel fabrication services and will test and commission the plant, it said. Citadel Capital has a 49 percent stake in Asec Holding.
“The integration of Aresco’s in-house design and manufacturing capabilities -- which include its own workshops and fleet of cranes -- have made the company a strong competitor in both the cement and industrial sectors,” Tarek Salah, a managing director at Citadel Capital, said in the statement.