Helwan Cement agrees to sell Minya plant to Emaar Industries
**#8 M&A WATCH- Suez Cement to sell Minya white cement plant to Emaar Industries: Suez Cement subsidiary Helwan Cement has agreed to sell its white cement plant in Minya to Emaar Industries, the company said in a statement (pdf). The transaction comes as Suez Cement looks to continue to bolster its financial position under and ongoing restructuring plan, the statement suggests. “We are delighted to have signed the SPA on the sale of the white cement plant in El Minya which is in line with the Company and Heidelberg’s strategy to focus on its core operations, grey cement production and divest non-core operations yielding attractive returns to our shareholders,” our friend Jose Maria Magrina, CEO of Suez Cement, said in the statement. The sale is pending approval from the Financial Regulatory Authority and Suez Cement’s general assembly. The statement did not put a value on the sale.
Advisers: Suez Cement was advised by EFG Hermes (financial advisor) and Zulficar and Partners (legal counsel).