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Article: ASEC snaps up Helwan Cement.(Brief Article)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- September 21, 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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Industrial consultant pays more than $300 million for 3.3 million-t/y plant
The biggest privatisation of the year so far has gone ahead, with the acquisition by the local ASEC Cement Company of Helwan Portland Cement Company in a deal worth more than $300 million (MEED 7:9:01).
ASEC Cement submitted its bid at the end of August, offering [pound]E 51.1 ($12.20) a share. The offer has effectively been increased to [pound]E 55.1 ($13.30) by the allocation of a dividend of [pound]E 4 ($0.96) a share to the previous shareholders. A last-minute offer by Portugal's Secil to buy the company at [pound]B 55 ($13.25) a share was deemed by the stock exchange ...