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Egypt's ASEC Cement in talks to sell stake to Algeria
- Egypt: Thursday, September 20 - 2012 at 10:42
Egypt's ASEC Cement is in talks with the Algerian government to sell a minority stake in its Algeria-based operations, Ahram has reported. Algeria aims to acquire 49% of ASEC Cement Algeria by increasing the company's paid up capital, which currently sits at $60m. If the deal is completed, ASEC Cement would own 51% of ASEC Algeria, down from the current 72% share. Cairo-based private equity firm, Citadel Capital, has a 48.5% share in ASEC Holding, which in turn owns 61% in ASEC Cement. Citadel directly owns 33.44% of ASEC Cement.
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