Northern Region Cement Co has announced the sale of its 50 per cent stake in Cement Experts Co for Development and Investment to UAE-based AMP Global Trading. According to The People’s Network, the deal, which has been valued at US$55m, involves the Al-Kubaisa cement plant in Iraq, in which Cement Exports hold a 51 per cent share.
With Northern Region Cement relinquishing its 50 per cent share in Cement Experts, the transaction gives AMP a significant indirect interest in the Iraqi plant. Proceeds from the sale are believed to be earmarked for external investments, with some of the funds being used to repay high-cost loans to help improve Northern Region’s financial standing.
