Suez Cement expected to increase stake in Tourah Portland

Egypt’s Suez Cement is expected to submit a tender offer to acquire up to 100 per cent of the issued capital of Tourah Portland Cement for EGP7.18 (US$0.45) per share, according to a disclosure to the Egyptian Exchange (EGX).

Suez Cement already owns 66.12 per cent of Tourah. Upon the execution of the offer, the latter is expected to voluntary delist its shares from the EGX.

HeidelbergCement is also proposing to launch a tender offer to increase its 55.08 per cent stake in Suez Cement to the full 100 per cent stake listed on the EGX, according to Daily News Egypt.