Egypt: Qena Cement makes offer for larger stakes in Qalaa subsidiaries

Egyptian investment company Qalaa Holdings announced Monday that it received a preliminary acquisition offer from Qena Cement to buy stakes in both its subsidiaries ASEC Minya and ASEC Ready Mix Concrete.

According to the offer terms, Qena Cement t is seeking to acquire 46.5 per cent stake and 55 percent stake in ASEC Minya and ASEC Ready Mix Concrete respectively.

Qalaa owns indirect stakes of 24.1 per cent and 28.5 per cent in both ASEC Minya and ASEC Ready Mix Concrete respectively.

Meanwhile, Qena Cement said it had decided to hold shareholders’ meeting on 7 October to review the offer, noting that its value was not determined yet.

Qena Cement t already owns 14 per cent stake in ASEC Minya and 55 per cent stake in ASEC Ready Mix Concrete. (Source: Zawya News)