Lafarge Titan Egyptian investments buys out Beni Suef Cement

Lafarge and Greek cement producer Titan have bought 100 per cent in Egyptian cement producer Beni Suef Cement through their 50/50 joint venture Lafarge Titan Egyptian Investments Limited (LTEIL).

LTEIL bought the remaining five per cent it did not already own in Beni Suef Cement under a trilateral agreement worth E£21.3m (US$3.4m), with the company’s employee union and the Egyptian state-owned Mining and Refractories Holding Company. LTEIL purchased 1.65m shares at E£12.92 (US$2.1) per share.

The 5.0 per cent stake in Beni Suef Cement was offered for sale in March 2003 and LTEIL turned out to be the sole bidder.