The Abu Dhabi Investment Authority (ADIA) has acquired a 7.6 per cent stake in Egyptian company Suez Cement.
A statement released by the Egyptian stock market said that ADIA had bought a stake of 138,427,01 shares listed as Global Depository Receipts (GDR).
The statement gave no details about the value of the deal but said ADIA bought those shares from businessman Hisham Sadiq Al Sowidi, a Suez Cement board member.
Gulf News sources said that Suez Cement transferred these stocks as shares listed in Egypt to GDRs listed on the London Stock Exchange, as part of the deal with ADIA on January 4
Suez Cement, one of the biggest cement companies in the region, has a capital of 909.2 million Egyptian pounds distributed as 181.8 million shares with a nomial value of 10 pounds for each share.