(MENAFN) France's Vicat group plans to increase its stake in Sinai Cement, managing director of Egypt-based cement producer Gianfranco Tantardini said.
Around EUR 50 million from the French company will be invested in Sinai Cement in order to reverse the company's losses as part of the group's plan to raise its stake in the Egyptian company through paying its debts.
In 2003, Vicat acquired 40% stake in Sinai Cement, Tantardini added.
Vicat is waiting for the Egyptian government's approval to waive the 45% foreign ownership limits for the transaction to happen.
MENAFN1803201800450000ID1096612362
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.