Egyptian Sinai Cement Co appointed Louis Jacques Merceron Vicat a management board member, the company board decided on February 19, 2006. The appointment comes after Danish industrial group FLSmidth & Co sold its 7.5 per cent stake in Sinai Cement to Vicat Egypt Cement Company in September 2005.
Sinai Cement has an authorized capital of 1.0 bln pounds ($174.3m) and an issued capital of 350 mln pounds ($61m). It was established by private investors in 1998 and was listed on the Cairo and Alexandria Stock Exchanges (CASE) in 2000.
Sinai Cement produced 1.6Mt of cement in 2005 and exported 40 per cent of its production for the year, the Egyptian News Digest reported on January 20, 2006.