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| Cimpor launches bid for Egyptian cement company  Cimentos de Portugal SA, or Cimpor, announced that its affiliate Cimpor Inversiones, S.A. obtained the approval of the Egyptian Capital Market Authority to launch a tender bid over the full share capital of the Egyptian cement company Misr Cement CO, S.A.E. The bid will be launched at EGP 67 per share, and its success is subject to the acquisition of a minimum of 15,000,001 shares (within a total of 30,000,000), condition that can be waived afterwards by the offerer.The target company, with headquarters in Cairo, was established in 1997 and started operating in 2002. Presently it owns a cement facility with a production capacity, with own clinker, of 1.6 million tons per year which must have been fully utilized in 2006 generating a turnover of approximately EGP 520 million (around EUR 70 million). In a country where cement consumption has recently experienced strong growth (CAGR of 13% over the past two years), Misr Qena holds a national market share of approximately 3.5%, concentrating its activities in the South of Egypt, mainly in the Qena, Souhag, and Red Sea areas. write your comments about the article :: © 2007 Construction News :: home page |