Arab Swiss Engineering Company (ASEC) has launched a counterbid for Egyptian cement company MISR Cement Co. issued shortly after Cimpor unveiled its offer for the cement maker.
ASEC is offering 10.51 eur per MISR share, 12 pct more than Cimpor’s 9.30 eur per share offer, the paper added.
Cimpor it is offering to buy all the 30 mln shares which make up MISR’s share capital, conditional on receiving acceptances from holders of 15m shares plus one of MISR.
MISR owns one cement factory with a production capacity of 1.6Mta It reported sales of E£520m, or EUR70m, and has a 3.5 per cent share of the Egyptian cement market.
Cimpor also controls another Egyptian cement producer, Ameriyah Cement, which it acquired in 1999.