{"id":567944,"date":"2020-12-13T03:57:35","date_gmt":"2020-12-13T03:57:35","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/13\/suez-cement-to-delist-from-egypts-stock-exchange\/"},"modified":"2020-12-13T03:57:35","modified_gmt":"2020-12-13T03:57:35","slug":"suez-cement-to-delist-from-egypts-stock-exchange","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/13\/suez-cement-to-delist-from-egypts-stock-exchange\/","title":{"rendered":"Suez Cement to delist from Egypt\u2019s stock exchange"},"content":{"rendered":"

Suez Cement and its subsidiary Tourah Cement are planning to delist their shares <\/strong>on the EGX, <\/strong>after both companies\u2019 board of directors approved the move during meetings last Wednesday, according to two separate regulatory filings (here<\/a> and here<\/a> \u2014 pdf). The companies will now need to seek regulatory approval to go private. This came after Suez\u2019s German parent company, HeidelbergCement, lodged a mandatory tender offer<\/a> to acquire 100% of its shares. In turn, Suez launched an MTO<\/a> for Tourah Cement.<\/p>\n

A sign of the times?<\/strong> The cement industry in Egypt has been suffering for years from a drawn out supply glut<\/a> that has seen producers lose bns. As many as six players could be forced to exit the market by 2021, Lafarge Egypt's CEO Solomon Baumgartner Aviles said earlier this year<\/a>. Tourah Cement suspended operations<\/a> last year, and is currently struggling to turn move into the green<\/a>. Suez Cement\u2019s losses have also been widening in recent quarters, with sales struggling to pick up.<\/p>\n","protected":false},"excerpt":{"rendered":"

Suez Cement and its subsidiary Tourah Cement are planning to delist their shares on the EGX, after both companies\u2019 board of directors approved the move during meetings last Wednesday, according to two separate regulatory filings (here and here \u2014 pdf). The companies will now need to seek regulatory approval to go private. This came after […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[10211],"tags":[130,72,164,7128,1784],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-567944","post","type-post","status-publish","format-standard","hentry","category-equities","tag-construction","tag-enterpriseam","tag-equities","tag-ma-watch","tag-suez-cement","wpautop","entry"],"acf":{"mongo_id":"012a3e7f-30f4-4a21-9201-570102aeaef4","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[567930],"teaser":"","voice_url":""},"yoast_head":"\nSuez Cement to delist from Egypt\u2019s stock exchange - 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\/2020\/12\/13\/suez-cement-to-delist-from-egypts-stock-exchange\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Suez Cement to delist from Egypt\u2019s stock exchange\" \/>\n<meta property=\"og:description\" content=\"Suez Cement and its subsidiary Tourah Cement are planning to delist their shares on the EGX, after both companies\u2019 board of directors approved the move during meetings last Wednesday, according to two separate regulatory filings (here and here \u2014 pdf). 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The Financial Regulatory Authority had signed off this week on Mondy\u2019s mandatory tender offer\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":559566,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/26\/an-acquisition-here-a-stake-sale-there\/","url_meta":{"origin":567944,"position":1},"title":"An acquisition here, a stake sale there \u2026","author":"enterpriseam admin","date":"26 January 2021","format":false,"excerpt":"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. 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