Egypt Suez Company For Cement privatized

The Egyptian general company for stock market announced on Sunday that the Italian Chemnti company will invest one billion Egyptian pounds ( USD 172 million) along 10 years in the Suez Company For Cement and its branch in the framework of a deal to get a dominant share in the Suez company.

A statement by the Bourse said that the Italian company will also keep the prices of cement without a change for 6 months and will keep the labor force to the Suez company for cement and its branch of Tarra Portland for cement for other three years according to items of the agreement.

Italian Chemnti announced on Friday that it had agreed with the Egyptian government to buy the major share of Suez by getting the other 33.4% shares in Suez. It is the largest company for cement production in Egypt, selling for 97 Egyptian pounds for one share. The Italian company controls 39.9% of Suez company for cement.

The Egyptian government proceeds into a campaign for privatization including selling shares owned by the state in several companies as part of the economic reforms policy.