M&A WATCH- Three state-owned companies close USD 15 mn buyout of CCI: State-owned companies Egyptian Ethylene and Derivatives Company (Ethydco), Sidi Kerir Petrochemicals Company (SIDPEC) and the Egyptian Petrochemical Holding Company (ECHEM) have closed a USD 15 mn acquisition of Solvay Alexandria Sodium Carbonate (CCI), government sources told local media. Ethydco acquired 60% of CCI while SIDPEC and ECHEM acquired 20% each, the sources added. The three companies plan on bringing back to life a mothballed Solvay steel and glass manufacturer, the report claims. CCI suspended production in 2016 after rising energy prices made operations uneconomical.

Tags: