Egypt’s Gazelle seeks stake in South Valley Cement

Egypt’s Gazelle seeks stake in South Valley Cement
Published: 15 April 2005

Gazelle Ltd Company, a private Egyptian firm, has offered to buy 29.39 per cent of South Valley Cement at 22.60 Egyptian  pounds ($3.90) a share, the stock exchange said in a statement on Thursday. Gazelle is offering to buy 2.304 million shares from state-owned Banque Misr and 946,000 shares from the private sector, making a total of 3.25 million shares, it said. Gazelle already has 0.05 percent of the stock, it added. South Valley Cement traded at 22.49 pounds a share on the Egyptian stock exchange at 1130 GMT, 0.7 percent up on Wednesday’s close. South Valley Cement remains at the project stage at this time and thus has no income.