Cairo – Mubasher: The General Authority for Freezones and Investment (GAFI) has approved Helwan Cement’s decision to sell its white cement plant in Minya to Emaar Industries.
The extraordinary general assembly of Helwan Cement, which is subsidiary of Suez Cement Company, has approved the demerger of Helwan Cement into two companies, according to a recent statement to the Egyptian Exchange (EGX).
The assembly has also agreed upon selling the demerged company, owning the White Cement plant.
As for the selling price, parties did not reach a final agreement yet concerning the final price, and it will be announced immediately after the agreement.
Suez Cement Company will disclose any relevant updates on that issue.
By 02:29 pm Egypt time, Suez Cement’s stock plunged 3.81% at EGP 11.86.
