Egyptian Ameriya Cement Sells Holding in Express Ready Concrete for $261,000

Egyptian Ameriya Cement Sells Holding in Express Ready Concrete for $261,000
Published: 26 September 2006

Egyptian cement company Ameriya Cement sold its shares and assets in Egypt’s Express Ready Concrete Co for E£1.5m (US$261,000), the Cairo and Alexandria Stock Exchanges (CASE) said on September 25, 2006. 
 
Ameriya Cement holding in Express Ready Concrete Co included 45,000 shares worth E£4.5m (US$784,000), of which £1.125m ($196,000/153,000 euro) paid-up. 
 
The total capital of Express Ready Concrete Co, set up in Cairo in 1999, amounts to 15 mln pounds ($2.6 mln/2.0 mln euro). 
 
Ameriya Cement posted a consolidated net profit of E£129.7m (US$22.6m) for the first half of 2006, up from E£76.2m (US$13.3m) in the year-ago period.