11 September 2018
Suez Cement announces that Helwan Cement Company, a subsidiary of Suez Cement Company has entered into an agreement for the sale of its owned White Cement plant, located in Minya Governorate
Suez Cement is pleased to announce that Helwan Cement Company, a subsidiary of Suez Cement Company (ownership 99.55%), has entered into an agreement with Emaar Industries Company for the sale of its owned White Cement plant, located in Minya Governorate; The transaction will take place after the de-merge of the White Cement plant from Helwan Cement Company. This is part of the Company’s overall strategy of improving its financial position and restructuring. Commenting on the transaction, Suez Cement’s Chief Executive Officer, Mr. Jose Maria Magrina said “We are delighted to have signed the SPA on the sale of the white cement plant in El Minya which is in line with the Company and Heidelberg’s strategy to focus on its core operations, grey cement production and divest non-core operations yielding attractive returns to our shareholders”. The finalization of the sale is subject to the completion of the demerger of Helwan Cement Company (an affiliate of Suez Cement Company) and the emergence of a new de-merged company which will exclusively own El Minya white cement plant as well as the approval of Suez Cement’s General Assembly and the obtaining of all necessary regulatory approvals including from the Financial Regulatory Authority.
EFG Hermes Investment Banking acted as Suez Cement’s exclusive financial advisor while Zulficar and Partners acted as Suez Cement’s legal counsel on the transaction.