According to a Letter of Intent signed with Citadel Capital, an Egyptian investment fund, the Italcementi Group has obtained a 60-day period of exclusivity to draw up a Share Purchase Agreement to acquire the Citadel’s controlling stake in ASEC Cement share capital. The operation is notably subject to a due diligence process.
ASEC Cement Company is the 5th largest cement player in Egypt with an annual production capacity of around 4Mt of clinker. The company, which is 68 per cent controlled by ASEC Group, is listed on the Cairo and Alexandria Stock Exchange with a market capitalisation of around US$550m.
