ASEC Holding acquires additional stake in ASEC Cement

ASEC Holding acquires additional stake in ASEC Cement
Published: 22 February 2010

ASEC Holding, Citadel Capital’s Platform Company in the regional cement production, engineering and construction industries, announced on Sunday that it has acquired an additional 9.48 per cent of ASEC Cement, one of its key Portfolio Companies, in a deal worth $80 million in cash and shares.

The transaction will see ASEC Holding raise its stake in ASEC Cement to 61.04 per cent. The selling party is the Emirates International Investment a long-time limited partner in a number of Citadel Capital’s Opportunity Specific Funds and a shareholder in the firm.

"This transaction values ASEC Cement at EGP14.68 per share against a par value of EGP10, a fair price for both parties that reflects ASEC Cement’s outstanding growth potential as it moves steadily toward controlling over 12Mt of production capacity per year by 2013," noted Citadel Capital Managing Director and Co-Founder Hisham El Khazindar.