Cairo – Mubasher: France’s Vicat group plans to increase its stake in Sinai Cement, managing director of Egypt-based cement producer Gianfranco Tantardini said.
The French group will invest around EUR 50 million in Sinai Cement in order to reverse the company’s losses as part of the group’s plan to raise its stake in the Egyptian company through paying its debts.
In 2003, Vicat acquired 40% stake in Sinai Cement, Tantardini added.
Vicat is waiting for the Egyptian government’s approval to waive the 45% foreign ownership limits for the transaction to happen.
