Egypt’s cement company Suez Cement Company, controlled by Italian cement group Italcementi, registered a consolidated net financial debt of some Euro 194m at the end of 2005, it was reported on March 2, 2006. The company’s net financial debt stood at Euro 649m at the end of 2004. The net financial position/net financial debt is calculated as the difference between a company’s financial debts and liquid assets.
Suez Cement has also completed its capital increase, which allowed it to receive some Euro 356m. After the operation, the new capital of the Egyptian company stands at Euro 134.9m divided into 181,856,507 shares. The capital increase was subscribed by Italcementi and other shareholders. After its conclusion, the Italian group now holds a 51 pct stake in Suez Cement.