The Egyptian cement-manufacturing company “Assik” has acquired 35% of the shares of the cement factory of Zahana, located in the province of Oran in western Algeria, according to local press reports.
The deal was initialled in exchange for EUR32.6m.
The Egyptian company is intent on increasing the factory’s production from the current 675,000t to 1.8Mta as part of a revamp strategy.
Assik’s investment package is estimated at US$77m for an annual cement output of 18.5Mt making of this Egyptian company one of the most important ones in the Middle East region.
“Assik" has already invested about US$550m for the setting up of a cement factory in Djelfa province with a yearly output capacity of 2Mt.
This new cement factory is expected to become fully operational by the end of January 2008.