South Valley to bid for additional shares in BMIC, Egypt

South Valley Cement Company voted on Sunday to bid for no less than 30 per cent of Egyptian Building Materials Industry Company (BMIC), to add it to the 47.61 per cent of the shares that it currently owns.

The offer is aimed at the 30.07 per cent held by Egypt Kuwait Holding Company but will also be extended to other investors in BMIC interested in selling their shares, South Valley Cement announced on Monday in a filing to the Cairo Stock Exchange.

No financial details related to the potential bid were provided.