Egypt’s private company Gazelle Ltd Company has acquired a 20.63 per cent stake of the local cement company South Valley Cement, the Cairo and Alexandria Stock Exchanges said in a statement.

Gazelle Ltd Company bought from shareholders in South Valley Cement a total 2,285,322 shares at the price of E£22.6 (US$3.9) per share. The total value of the deal is estimated at E£51.648m (US$8.9m).