OC sells Drymix to Saint-Gobain: Orascom Construction (OC) subsidiary United Holding Company has sold its 100%-owned cement subsidiary United Paints and Chemicals (Drymix) to French glass and building materials manufacturer Saint-Gobain in a transaction valued at EGP 785.3 mn, Al Mal reports citing sources it says are close to the transaction.

Saint-Gobain now owns 100% of Drymix: OC’s shares in the divested subsidiary were held indirectly via its 56.5% stake in United Holding Company, The remaining 43.5% stake in UHC is owned by the family of businessman Ali Moussa, according to Drymix’s website.

The French firm is already a big player in our construction materials industry: Saint-Gobain’s flat glass production line in the Suez Canal Economic Zone is the largest in the Middle East and Africa, according to Zawya. It also owns two building materials factories in Sadat and Amreya worth more than EUR 150 mn. The company plans to build two new plants producing flat glass, gypsum, and sustainable building materials over the next three years, it said last year.

Expansion in the works for Drymix: The company is looking to invest EGP 90 mn to up production at its ready-made cement factory’ by at least 50%, Managing Director Saad Ihsan was previously quoted as telling Al Mal.

OC has now sold two materials subsidiaries in as many months: OC in May divested its entire 28.25% stake in an unnamed construction chemicals subsidiary, also held through United Holding Company. It sold the stake to Swiss chemicals firm Sika Group for EGP 1.8 bn.

Advisors: HC Securities acted as the sell-side broker in the Drymix transaction, which was executed through the EGX, according to Al Mal.

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