ASEC Engineering wins renewal of Misr Qena Cement technical management agreement

Citadel Capital 'CCAP.CA on the Egyptian Exchange', private equity firm in the Middle East and Africa with $9.5bn in investments under control, announced that a key subsidiary of platform company ASEC Holding has signed a technical management agreement with Misr Qena Cement 'MCQE.CA on the EGX' for a second 10-year period.

"We are very pleased to have won renewal of this contract, as we feel that this is a clear endorsement of 10 years' hard work by ASEC Engineering in Qena," said ASEC Engineering Chief Executive Officer Mohamed Galal Yakout.

"We are looking forward to another decade of providing outstanding service to a trusted business partner," he added.

The award was the result of a limited closed-envelope tender. ASEC Engineering provides technical management services for 12 kilns with a total output of c.16 million tons of clinker per year. Two of the production lines that ASEC Engineering manages are outside Egypt, namely in Syria and Jordan.

The company is currently engaged in engineering and consulting services for under-construction cement plants including the Arab National Cement Company 'ANCC' cement plant in Minya; South Valley Cement Plant in Beni Suef; BMIC Cement Plant in Assuit, as well as a gypsum plant in Ataka, Suez.

"This contract renewal is the result of the tireless efforts of both the negotiating team and the staff of ASEC Engineering and ASEC Automation who contributed to our performance in the past decade," concluded Yakout.