Vicat Egypt to buy 42.12% stake in Sinai Cement
- Date: 12-Apr-2022
- Source: Zawya
- Sector:Financial Markets
- Country:Egypt
Vicat Egypt to buy 42.12% stake in Sinai Cement
ArabFinance: The Financial Regulatory Authority (FRA) has approved the publication of a disclosure of an acquisition offer by Vicat Cement Egypt for a 42.12% stake in Sinai Cement Company (SCEM) at EGP 6.74 per share, according to a filing to the Egyptian Exchange (EGX) on Sunday.
Vicat will buy 56.064 million shares in Sinai Cement, increasing its stake in the company to 100%.
Vicat Egypt is a subsidiary of the French cement manufacturer Vicat.
Sinai Cement is engaged in the manufacture and packing of different types of cement and its related products.
The Egypt-based company also produces clinker, cement, and other related products, in addition to cement packing bags.
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