Qalaa Holdings announced that its subsidiaries ASEC Cement and ASEC Cement Djelfa Offshore have completed the sale of 100 per cent of ASEC Ciment Algérie (ACA) to an Algerian investor at a deal value equivalent to US$60m.

The sellers are currently complying with government requirements to repatriate the proceeds from Algeria. 
Qalaa held an effective (indirect) 37 per cent ownership stake in ACA , which has a licence to build a 3Mta cement plant in the city of Djelfa, Algeria.

The sale of ACA falls within Qalaa’s strategy of divesting non-essential assets and significantly reducing financial risk by deleveraging at the holding and platform company levels, the company highlighted in a statement.