The Italcementi subsidiary Ciments Français is taking a 12.5% stake in Al Badia Cement, a new cement company being established to build a 3.2Mta cement works in Syria.
Al Badia Cement is a subsidiary of the Muhaidib Group of Saudi Arabia, with which Ciments Français already has joint ready-mixed concrete interests in the Middle East, notably with Arabian Cement Company. It is intended that 15% of the capital of Al Badia Cement will be offered to local investors on the Damascus stock market.
It is expected that close to US$40m could be raised by the public offer. The new cement works is planned to come on stream before the end of 2010.