ASEC in Ethiopian purchase

ASEC in Ethiopian purchase
Published: 19 August 2008

Egyptian company ASEC Mining (Ascom) said it was taking a 20 per cent stake in a new company that will produce cement in Ethiopia.

In a statement released through the Egyptian stock exchange, it said the Ethiopian venture, in conjunction with ASEC Cement, would be the company’s first investment in cement production.

It said the unnamed Ethiopian company would have a capital of $100,000 and would build and run cement plants, own limestone quarries, and export clinker and other products.