Suez Cement Company takes control of Hilal Cement

Agreement reached with the Boodai Enterprise Company group. Suez Cement holds 51% of the Kuwaiti company.

Cairo, 22 August 2007 – Suez Cement Company is the new majority shareholder of Hilal Cement. At the end of the offer period, as envisaged by the regulations of the Kuwait Stock Exchange, 47% of Hilal Cement’s share capital shall be transferred from Boodai Enterprise Company to Suez Cement. This operation, together with a 4% stake which was acquired previously, enables Suez Cement to become the majority shareholder in Hilal Cement with an overall holding of 51%. 

This deal represents the first-ever acquisition of a listed Kuwaiti company by a global company and one of the largest foreign direct investments in Kuwait.

In the coming weeks a shareholders’ meeting of Hilal Cement will be called to arrange the election of a new Board of Directors.

About Suez Cement group of Companies:
Suez Cement is Egypt’s leading cement producer, with a market share of more than 30% in grey cement and more than 50% in white cement. Suez Cement has five production facilities (Suez, Kattameya, Tourah, Helwan and El Minya), for a total capacity of approximately 12 million metric tons of clinker.