23/03/2010
MINORITY STAKE SALE IN EGYPTIAN OPERATIONS
TITAN CEMENT GROUP
MINORITY STAKE SALE IN EGYPTIAN OPERATIONS
Titan Group announces the signing of agreements between Titan Group and the International Finance Corporation (IFC) providing for an 80 million Euro equity investment by IFC in Titan’s subsidiary in Egypt “Alexandria Portland Cement Company S.A.E.” (APCC), at an enterprise value of 650 million Euro.
Completion of the agreements is expected before the end of June 2010. This will result in IFC holding, through APCC, a minority stake of approximately 16% in Titan’s Egyptian operations.
The collaboration with an institution such as the IFC is expected to add significant value to Titan’s investment in Egypt.