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Sunday, 5 June 2016

Abou Hashima, China’s Jushi new players in the cement industry

Egyptian Steel founder Ahmed Abou Hashima is making a play in the cement industry, applying for one of the new cement licenses, government sources tell Al Borsa. He joins Chinese fiberglass  firm Jushi Egypt (a subsidiary of China National Building Materials), which applied for two cement licenses and submitted letters of guarantee worth EGP 300 mn for both, said a company executive. Jushi is planning to produce 4 MTPA. El Sewedy Cement had also applied for two licenses, while South Valley Cement and Misr Beni Suef Cement have applied for one license each. As we noted on Thursday, eight companies had applied for one of the 14 available cement licenses, according to the head of the Industrial Development Authority.  

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