{"id":589374,"date":"2023-06-26T00:00:00","date_gmt":"2023-06-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/26\/orascom-construction-offloads-cement-arm-to-french-manufacturer\/"},"modified":"2023-06-26T00:00:00","modified_gmt":"2023-06-26T00:00:00","slug":"orascom-construction-offloads-cement-arm-to-french-manufacturer","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/26\/orascom-construction-offloads-cement-arm-to-french-manufacturer\/","title":{"rendered":"Orascom Construction offloads cement arm to French manufacturer"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">OC sells Drymix to Saint-Gobain: <\/span><span style=\"\">Orascom Construction (OC) subsidiary United <\/span><span>Holding Company has sold its 100%-owned cement subsidiary United Paints and Chemicals (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.drymixegypt.com\/company\" style=\"\">Drymix<\/a><\/span><span>) to <\/span><span>French glass and building materials manufacturer <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.gyproc.com.eg\/saint-gobain-group\" style=\"\">Saint-Gobain<\/a><\/span><span> in a transaction valued at EGP 785.3 mn, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/almalnews.com\/premium\/%d8%b3%d8%a7%d9%86-%d8%ac%d9%88%d8%a8%d8%a7%d9%86-%d8%a7%d9%84%d9%81%d8%b1%d9%86%d8%b3%d9%8a%d8%a9-%d8%aa%d8%b3%d8%aa%d8%ad%d9%88%d8%b0-%d8%b9%d9%84%d9%89-%d9%83%d8%a7%d9%85%d9%84-%d8%a3\/\" style=\"\">Al Mal<\/a><\/span><span> reports <\/span><span style=\"font-weight:400;\">citing sources it says are close to the transaction. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Saint-Gobain now owns 100% of Drymix: <\/span><span>OC\u2019s 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 <\/span><span>Drymix\u2019s website<\/span><span>. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The French firm is already a big player in our construction materials industry: <\/span><span>Saint-Gobain\u2019s flat glass production line in the Suez Canal Economic Zone is the largest in the Middle East and Africa, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.zawya.com\/en\/projects\/industry\/frances-saint-gobain-to-invest-in-new-production-facilities-in-egypt-r9zko4zh\" style=\"\">Zawya<\/a><\/span><span style=\"font-weight:400;\">. 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. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Expansion in the works for Drymix: <\/span><span style=\"font-weight:400;\">The company is looking to invest EGP 90 mn to up production at its ready-made cement factory\u2019 by at least 50%, Managing Director Saad Ihsan was previously quoted as telling Al Mal. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">OC has now sold two materials subsidiaries in as many months: <\/span><span>OC in May divested its entire 28.25% stake in an unnamed construction chemicals subsidiary, also held through United Holding Company. It <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/website.enterpriselive.projectsarea.com\/news\/story?storyId=6bfacd44-1ccb-4e0a-9e96-6ecdf134abd2\" style=\"\">sold the stake<\/a><\/span><span style=\"font-weight:400;\"> to Swiss chemicals firm Sika Group for EGP 1.8 bn. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Advisors: <\/span><span>HC Securities acted as the sell-side broker in the Drymix transaction, which was executed t<\/span><span>hrough the EGX<\/span><span>, according to Al Mal.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is the second materials subsidiary OC has sold recently<\/p>\n","protected":false},"author":1,"featured_media":589375,"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":[1002,130,10740,72,7196,7128,363,8478,10739],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-589374","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-cement","tag-construction","tag-drymix","tag-enterpriseam","tag-industry","tag-ma-watch","tag-orascom-construction","tag-saint-gobain","tag-united-holding-company","wpautop","entry"],"acf":{"mongo_id":"79da95f2-4af3-4bd4-888d-dc499a933f4c","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/1285.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Orascom Construction subsidiary sells cementmaker Drymix to France\u2019s Saint-Gobain for EGP 785.3 mn","related_issue":[589369],"teaser":"This is the second materials subsidiary OC has sold recently","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.d5b773f1-6fcc-468b-9ca8-d215187ce17b.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Orascom Construction offloads cement arm to French manufacturer - 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\/2023\/06\/26\/orascom-construction-offloads-cement-arm-to-french-manufacturer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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