Qalaa Holdings units complete 100% stake sale in ASEC Algeria Cement

Egypt’s Qalaa Holdings said Sunday its units have completed the sale of 100 percent sale in ASEC Algeria Cement for $60 million to an Algerian investor.

Qalaa owns approximately 37 percent of ASEC Algeria Cement Company indirectly.

Qalaa’s cement subsidiaries, ASEC Cement and ASEC Cement Djelfa Offshore, signed in October 2016 a preliminary agreement to sell 100 percent of ASEC Algeria Cement for $60 million transaction to a consortium of Algerian investors.

The transaction is part of Qalaa’s strategy of divesting non-essential assets and significantly reducing financial risk by deleveraging at the holding and platform company levels.