{"id":544812,"date":"2022-03-22T03:45:29","date_gmt":"2022-03-22T03:45:29","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/govt-settles-cement-dispute-with-vicat\/"},"modified":"2022-03-22T03:45:29","modified_gmt":"2022-03-22T03:45:29","slug":"govt-settles-cement-dispute-with-vicat","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/govt-settles-cement-dispute-with-vicat\/","title":{"rendered":"Gov\u2019t settles cement dispute with Vicat"},"content":{"rendered":"

<\/a> French cement producer Vicat Group and the Egyptian government have reached<\/strong> a final settlement in a dispute over ownership of its Sinai-based subsidiary.<\/strong> An agreement was signed yesterday by Vicat CEO Guy Sidos and International Cooperation Minister Rania Al Mashat, the cabinet said in a statement<\/a>. No details on the settlement were disclosed.<\/p>\n

Background: <\/strong>Vicat filed an arbitration case against the government last year at the International Center for Settlement of Investment Disputes, alleging that it was trying to force it to sell its majority stake<\/a> in Sinai Cement. The company said that there was a \u201ca difference in interpretation of the legislation on foreign interests in the Sinai region\u201d in its 2021 financial report (pdf)<\/a>. Ownership rules in Sinai are more restrictive than in other areas of the country, and prevent foreigners from owning land.<\/p>\n","protected":false},"excerpt":{"rendered":"

French cement producer Vicat Group and the Egyptian government have reached a final settlement in a dispute over ownership of its Sinai-based subsidiary. An agreement was signed yesterday by Vicat CEO Guy Sidos and International Cooperation Minister Rania Al Mashat, the cabinet said in a statement. No details on the settlement were disclosed. Background: Vicat […]<\/p>\n","protected":false},"author":1,"featured_media":544813,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8678],"tags":[957,72,1420,1421],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544812","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dispute-watch","tag-dispute-watch","tag-enterpriseam","tag-sinai-cement","tag-vicat","wpautop","entry"],"acf":{"mongo_id":"2326581a-a698-419e-ba6e-1dbabe3f1b80","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/3\/296.jpg","photo_position":"above","related_issue":[544801],"teaser":"","voice_url":""},"yoast_head":"\nGov\u2019t settles cement dispute with Vicat - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/govt-settles-cement-dispute-with-vicat\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t settles cement dispute with Vicat\" \/>\n<meta property=\"og:description\" content=\"French cement producer Vicat Group and the Egyptian government have reached a final settlement in a dispute over ownership of its Sinai-based subsidiary. An agreement was signed yesterday by Vicat CEO Guy Sidos and International Cooperation Minister Rania Al Mashat, the cabinet said in a statement. No details on the settlement were disclosed. Background: Vicat […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/govt-settles-cement-dispute-with-vicat\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-22T03:45:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/296.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/govt-settles-cement-dispute-with-vicat\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/govt-settles-cement-dispute-with-vicat\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Gov\u2019t settles cement dispute with Vicat\",\"datePublished\":\"2022-03-22T03:45:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/govt-settles-cement-dispute-with-vicat\/\"},\"wordCount\":142,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/govt-settles-cement-dispute-with-vicat\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/296.jpg?fit=%2C&ssl=1\",\"keywords\":[\"dispute watch\",\"EnterpriseAM\",\"Sinai Cement\",\"Vicat\"],\"articleSection\":[\"DISPUTE WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/govt-settles-cement-dispute-with-vicat\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/govt-settles-cement-dispute-with-vicat\/\",\"name\":\"Gov\u2019t settles cement dispute with Vicat - 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The 10\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/230.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545752,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/11\/vicat-egypt-launches-mto-for-sinai-cement\/","url_meta":{"origin":544812,"position":1},"title":"Vicat Egypt launches MTO for Sinai Cement","author":"enterpriseam admin","date":"11 April 2022","format":false,"excerpt":"French cement producer Vicat Egypt has submitted a mandatory tender offer to acquire another 42.1% of subsidiary Sinai Cement Company at EGP 6.74 per share, according to a statement by the EGX. The transaction \u2014 worth around EGP 378 mn by our math \u2014 would bring Vicat\u2019s stake in the\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/197.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":631382,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/18\/frances-vicat-group-plans-to-invest-usd-50-mn-increase-its-stake-in-sinai-cement\/","url_meta":{"origin":544812,"position":2},"title":"France\u2019s Vicat Group plans to invest USD 50 mn, increase its stake in Sinai Cement","author":"enterpriseam admin","date":"18 March 2018","format":false,"excerpt":"INVESTMENT WATCH- France\u2019s Vicat Group planning to invest USD 50 mn, increase its stake in Sinai Cement. Sinai Cement\u2019s majority shareholder, Vicat Group, is planning to invest USD 50 mn to reverse its subsidiary\u2019s losses, Managing Director Gianfranco Tantardini said, Al Borsa reported. Vicat \u2014 which acquired 40% of Sinai\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":600099,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/20\/frances-vicat-to-invest-eur-30-mn-in-egypt-business\/","url_meta":{"origin":544812,"position":3},"title":"France\u2019s Vicat to invest EUR 30 mn in Egypt business","author":"enterpriseam admin","date":"20 January 2019","format":false,"excerpt":"INVESTMENT WATCH- Vicat to invest EUR 30 mn in Egypt: France-based cement producer Vicat Group\u2019s Egypt arm is planning to invest an additional EUR 30 mn in Egypt, CEO Tamer Magdy said, according to Al Shorouk. Magdy did not provide further details on the company\u2019s investment plans. Vicat, which entered\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":616253,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/03\/sinai-cement-appoints-tamer-ragheb-as-chairman\/","url_meta":{"origin":544812,"position":4},"title":"Sinai Cement appoints Tamer Ragheb as chairman","author":"enterpriseam admin","date":"3 March 2024","format":false,"excerpt":"Pietro Cal\u00e0 is taking over from Ragheb as the company\u2019s managing director","rel":"","context":"In "Moves"","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/47.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":648467,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/04\/frances-vicat-group-expresses-interest-in-expanding-investments-in-egypt\/","url_meta":{"origin":544812,"position":5},"title":"France\u2019s VICAT Group expresses interest in expanding investments in Egypt","author":"enterpriseam admin","date":"4 April 2017","format":false,"excerpt":"French cement manufacturing company VICAT Group is interested in expanding its projects and investments in Egypt, VICAT chairman and CEO Guy Sidos told Prime Minister Sherif Ismail yesterday, Ahram Gate reports. 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