Ciments du Maroc to buy Suez Cement stake

Ciments du Maroc to buy Suez Cement stake
Published: 27 July 2005

The board of directors of Moroccan cement company Ciments du Maroc (majority owned by Italcementi) decided on July 22, 2005 to buy a 13.4 per cent stake worth 1.2 bln Moroccan dirhams (Euro 109m) in the Egyptian Suez Cement Company. Suez Cement Company is said to have an annual production capacity of 8.0Mt. Ciments du Maroc reported a net profit of 532 mln dirhams (Euro 48.5m) for 2004, down by 4.3 per cent year-on-year. The company is also planning for a major investment in Morocco worth Euro 146m designed to boost capacity of its Agadir works.