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Article: ASEC sets the pace for Helwan Cement deal.(bid to acquire remaining state held shares of Helwan Portland Cement Co.)(Brief Article)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- September 7, 2001
CopyrightCOPYRIGHT 2001 MEED Middle East Economic Digest. All Rights Reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Competition for the purchase of the remaining state-held shares in Helwan Portland Cement Company has started in earnest, with the submission of a bid by local industrial consultant ASEC to buy at least 75 per cent of the company at [pound]E 51 ($12.20) a share. The ASEC bid will remain valid until 9 September.
News of the bid was confirmed by the stock exchange on 30 August two weeks after the government said that "serious offers" were being negotiated concerning the 47.9 per cent stake in Helwan Cement offered for sale in May by the Metallurgical Industries Holding Company. No details have been disclosed about the identity of any other prospective buyers.
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