Misr Cement Qena eyes higher stakes in Qalaa’s two subsidiaries

Qalaa Holdings, one of Egypt’s largest investment companies, announced Monday that it received a preliminary acquisition offer from Misr Cement – Qena to buy stakes in both its subsidiaries ASEC Minya and ASEC Ready Mix Concrete.

According to the offer terms, Misr Cement – Qena is seeking to acquire 46.5 percent stake and 55 percent stake in ASEC Minya and ASEC Ready Mix Concrete respectively.

Qalaa owns indirect stakes of 24.1 percent and 28.5 percent in both ASEC Minya and ASEC Ready Mix Concrete respectively.

From the same vein, Misr Cement – Qena said it had decided to hold shareholders’ meeting on 7 October to review the offer, noting that its value was not determined yet.

Misr Cement – Qena already owns 14 percent stake in ASEC Minya and 55 percent stake in ASEC Ready Mix Concrete.