Disclosure Regarding Arab National Cement Company (ANCC)
5 November 2012
** Translation of the Arabic-language Original**
Disclosure Notice
Dear Sir,
Citadel Capital, the leading private equity firm in Africa and the Middle East with US$ 9.5 billion in investments under control, announced today that the Arab National Cement Company (ANCC), has entered into the commissioning phase of its 2.0 MPTA cement plant in Minya.
The US$ 360 million Greenfield plant is located some 220 kilometers south of Cairo in the Minya governorate. In addition to creating 400 direct and 800 indirect jobs, the plant will provide cement for key infrastructure projects in Upper Egypt.
ANCC is a key subsidiary of ASEC Cement, a portfolio company of which 33.44% is owned by Citadel Capital.
ASEC Cement, a leading regional cement group, is the largest shareholder in ANCC with a 45% stake in the project. Other shareholders in ANCC include Misr Qena Cement (13.9%), Safari Investments (30.7%), IFU/FLS (9.2%) and other shareholders (1.1%).
ANCC is on record as being one of Egypt’s biggest project finance deals. In September 2010 ANCC signed an EGP 1.1 billion loan to finance the construction of its plant in Minya. The syndicated loan agreement involves a consortium of seven leading Egyptian and regional banks, which will cover 52% of the US$ 360 million investment with the balance financed by the equity of ANCC.
—Ends—
Disclosure Notice
Dear Sir,
Citadel Capital, the leading private equity firm in Africa and the Middle East with US$ 9.5 billion in investments under control, announced today that the Arab National Cement Company (ANCC), has entered into the commissioning phase of its 2.0 MPTA cement plant in Minya.
The US$ 360 million Greenfield plant is located some 220 kilometers south of Cairo in the Minya governorate. In addition to creating 400 direct and 800 indirect jobs, the plant will provide cement for key infrastructure projects in Upper Egypt.
ANCC is a key subsidiary of ASEC Cement, a portfolio company of which 33.44% is owned by Citadel Capital.
ASEC Cement, a leading regional cement group, is the largest shareholder in ANCC with a 45% stake in the project. Other shareholders in ANCC include Misr Qena Cement (13.9%), Safari Investments (30.7%), IFU/FLS (9.2%) and other shareholders (1.1%).
ANCC is on record as being one of Egypt’s biggest project finance deals. In September 2010 ANCC signed an EGP 1.1 billion loan to finance the construction of its plant in Minya. The syndicated loan agreement involves a consortium of seven leading Egyptian and regional banks, which will cover 52% of the US$ 360 million investment with the balance financed by the equity of ANCC.
—Ends—