Reuters - Financials

ASEC Cement to sell ASEC Minya, ASEC Ready Mix to Misr Cement Qena- statement

Nov 1 ASEC Cement, a subsidiary of Egypt’s Qalaa Holdings, said on Sunday it plans to sell its stakes in ASEC Minya and ASEC Ready Mix to Misr Cement (Qena) for 1 billion Egyptian pounds ($ 125 million).

The respective stakes are 46.5 percent and 55 percent, it said in a statement.

The deal should close on or before Nov. 20, the statement said, adding that the sale will help lower the debt of ASEC Cement by 940 million pounds.

($ 1 = 8.0300 Egyptian pounds) (Reporting by Ehab Farouk; writing by Asma Alsharif; editing by John Stonestreet)

Reuters: Financials

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