Suez Cement refutes Italcementi’s plans to exit Egypt market

Big 5

Suez Cement, Egypt’s largest listed cement maker by market value, has denied plans to exit the Egyptian market and change its regional hub due to the country’s dollar shortage, it said in a statement Monday.

Bruno Carre, Managing Director of Suez Cement, has firmly negated in a statement to the Egyptian bourse, plans by Italcementi SpA, which owns 55 percent of Suez Cement, to move its regional hub from Egypt if the country’s dollar shortage persisted for another year.

Cement industry differs from other industries, because it depends mainly on local market except machines that imported from outside, Carre added.

Moreover, he further said Suez Cement is struggling to transfer shareholder profits, worth €50 million out of Egypt because of a foreign currency crisis.