Cairo – Mubasher: Arabian Cement declined to uncover the acquisition value of 99.9% stake in an Egypt-based subsidiary of ASCOM.
Moreover, the cement company denied any press announcements for the deal's value, describing it “inaccurate”.
According to press reports, Arabian Cement aims, by clinching this deal, to make use of $200 million locked-up earnings that cannot be transferred abroad.
Earlier, Arabian Cement Co. submitted a non-mandatory buy offer for a 99.9% stake in an Egypt-based subsidiary of Asek Company for Mining (ASCOM).
In addition, the cement producer said it had established a wholly-owned subsidiary, named Evolve for Investment and Project Management with business capital of EGP250,000.
