{"id":559566,"date":"2021-01-26T03:59:54","date_gmt":"2021-01-26T03:59:54","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/26\/an-acquisition-here-a-stake-sale-there\/"},"modified":"2021-01-26T03:59:54","modified_gmt":"2021-01-26T03:59:54","slug":"an-acquisition-here-a-stake-sale-there","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/26\/an-acquisition-here-a-stake-sale-there\/","title":{"rendered":"An acquisition here, a stake sale there \u2026"},"content":{"rendered":"

<\/a> Suez<\/strong> Cement has sold its 51% stake in Kuwait\u2019s Hilal Cement for EGP <\/strong>155.8 mn<\/strong>, the company said in a disclosure (pdf)<\/a> to the EGX, offloading some 51.7 mn shares at KWD 0.058 apiece, the EGX-listed company said. Hilal later confirmed<\/a> that Suez Cement\u2019s representatives had resigned from the board.<\/p>\n

A product of the cement crisis:<\/strong> Suez Cement had been a majority shareholder in the Kuwaiti firm since 2007 but tumult in the Egyptian cement industry<\/a> forced it to announce last March<\/a> that it was looking to sell up. The oversupply crisis that has been plaguing the sector for years resulted in the company\u2019s Tourah plant shutting down production in 2019<\/a>, contributing to a EGP 1.2 bn loss.<\/p>\n

Meanwhile, Suez subsidiary Tourah Cement has bought back more than 3 mn shares worth a combined EGP 22.5 mn from its shareholders<\/strong>, the company said in a disclosure to the EGX<\/a>. The share buyback comes as part of the mandatory tender offer Suez launched<\/a> for Tourah last year after Suez\u2019s German parent company, HeidelbergCement, lodged<\/a> an MTO to acquire 100% of Suez.<\/p>\n

Heidelberg Cement will now take Suez private:<\/strong> Both Suez and Tourah announced plans to delist their shares on the EGX in December<\/a> following the completion of the MTOs.<\/p>\n

OTHER M&A NEWS-<\/strong><\/p>\n

Speed Medical completed its <\/strong>purchase<\/a><\/strong> of Misr Laboratories\u2019 Beni Suef<\/strong> branches <\/strong>yesterday after signing the final contracts<\/strong>, according to an EGX disclosure (pdf)<\/a>. The company is also preparing to sign the final agreements to buy 100% of Al Hayat Labs and 50% of City Lab, according to the statement. Speed previously said<\/a> it planned to acquire 100% of City Lab.<\/p>\n

Not moving ahead: Speed\u2019s <\/strong>plan to establish a healthcare facilities management company<\/strong>, it announced in a separate disclosure (pdf)<\/a>. The company said it was scrapping the plan so as not to create conflict with Saudi Healthcare player Ela, with whom it signed an MoU signed last month<\/a> to establish medical facilities in North Africa.<\/p>\n

Raya Electronics, Distribution acquire i2 and Saudi\u2019s URC:<\/strong> Raya Electronics and Raya Distribution acquired 99.95% of Itsalat International Egypt (i2<\/a>) at EGP 106.8 per share. The Raya Holdings subsidiaries will also repay a shareholder loan worth EGP 78 mn as part of the acquisition agreement. The duo also acquired 100% of the Saudi-based United Retail Company (URC<\/a>) at EGP 350 per share, the parent company said in a disclosure (pdf)<\/a>.<\/p>\n

Advisors:<\/strong> Elite Consultancy House acted as financial advisor and conducted the fair value assessment of i2 and URC.<\/p>\n","protected":false},"excerpt":{"rendered":"

Suez Cement has sold its 51% stake in Kuwait\u2019s Hilal Cement for EGP 155.8 mn, the company said in a disclosure (pdf) to the EGX, offloading some 51.7 mn shares at KWD 0.058 apiece, the EGX-listed company said. Hilal later confirmed that Suez Cement\u2019s representatives had resigned from the board. A product of the cement […]<\/p>\n","protected":false},"author":1,"featured_media":559567,"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":[7363],"tags":[1002,72,685,7128,551,1784],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-559566","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-cement","tag-enterpriseam","tag-kuwait","tag-ma-watch","tag-speed-medical","tag-suez-cement","wpautop","entry"],"acf":{"mongo_id":"3a397d67-63bb-4188-808d-0dd8a8ef8c4a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/1\/326.jpg","photo_position":"above","related_issue":[559558],"teaser":"","voice_url":""},"yoast_head":"\nAn acquisition here, a stake sale there \u2026 - 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\/2021\/01\/26\/an-acquisition-here-a-stake-sale-there\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"An acquisition here, a stake sale there \u2026\" \/>\n<meta property=\"og:description\" content=\"Suez Cement has sold its 51% stake in Kuwait\u2019s Hilal Cement for EGP 155.8 mn, the company said in a disclosure (pdf) to the EGX, offloading some 51.7 mn shares at KWD 0.058 apiece, the EGX-listed company said. Hilal later confirmed that Suez Cement\u2019s representatives had resigned from the board. 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HeidelbergCement is lodging a mandatory tender offer for 33% of its Egypt subsidiary, Suez\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":569913,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/11\/suez-cement-to-offload-stake-in-kuwaits-hilal-cement-after-reporting-egp-1-2-bn-loss\/","url_meta":{"origin":559566,"position":1},"title":"Suez Cement to offload stake in Kuwait\u2019s Hilal Cement after reporting EGP 1.2 bn loss","author":"enterpriseam admin","date":"11 March 2020","format":false,"excerpt":"M&A WATCH- Suez Cement to offload stake in Kuwait\u2019s Hilal Cement after reporting EGP 1.2 bn loss: Cement producer Suez Cement is looking to offload its 51% stake in Kuwait\u2019s Hilal Cement, according to a regulatory filing (pdf). Hilal Cement is the third largest producer in Kuwait and operates two\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\/2020\/3\/135.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575046,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/30\/suez-cement-submits-mto-for-100-of-subsidiary-tourah-cement\/","url_meta":{"origin":559566,"position":2},"title":"Suez Cement submits MTO for 100% of subsidiary Tourah Cement","author":"enterpriseam admin","date":"30 September 2020","format":false,"excerpt":"M&A WATCH- HeidelbergCement looks to acquire 100% of subsidiary Suez Cement: Suez Cement\u2019s German parent company HeidelbergCement has submitted a mandatory tender offer to the Financial Regulatory Authority (FRA) for the remaining 33% stake it doesn\u2019t already own in the company, according to a regulatory filing. The MTO is for\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\/2020\/9\/331.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568251,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/23\/sign-of-the-times-for-cement\/","url_meta":{"origin":559566,"position":3},"title":"Sign of the times for cement","author":"enterpriseam admin","date":"23 December 2020","format":false,"excerpt":"Suez Cement is going to go private after trying to buy out as many minority shareholders as possible. Shareholders sold some 12.4 mn shares for EGP 92.7 mn to Suez parent company Heidelberg Cement, the EGX said without giving further details. Heidelberg had targeted 59.8 mn shares at a MTO\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\/2020\/12\/394.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575480,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/15\/suez-mto-for-100-of-tourah-cement-kicks-off-today\/","url_meta":{"origin":559566,"position":4},"title":"Suez MTO for 100% of Tourah Cement kicks off today","author":"enterpriseam admin","date":"15 October 2020","format":false,"excerpt":"Shareholders in Portland Tourah Cement Company (Tourah Cement) will be able to subscribe to a mandatory tender offer by parent company Suez Cement starting today, the EGX said. The offer, which targets 20.075 mn shares at EGP 7.12 apiece, will expire on 19 November. Subscribed shares will then be transferred\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":595624,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/01\/egyptian-refining-company-suez-cement-arabian-cement-sign-petroleum-coke-supply-agreements\/","url_meta":{"origin":559566,"position":5},"title":"Egyptian Refining Company, Suez Cement, Arabian Cement sign petroleum coke supply agreements","author":"enterpriseam admin","date":"1 August 2019","format":false,"excerpt":"Qalaa\u2019s ERC signs pet coke supply agreements with Suez Cement, Arabian Cement: Qalaa Holdings\u2019 Egyptian Refining Company (ERC) has inked agreements with Suez Cement and Arabian Cement to supply 500k tonnes of petroleum coke each year. Arabian Cement has agreed (pdf) to purchase 300k tonnes a year while Suez Cement\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\/2020\/3\/14.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559566","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=559566"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/559566\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/559558"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/559567"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=559566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=559566"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=559566"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=559566"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=559566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}