Business

ASEC Cement Closes Sale of its Stakes

Qalaa Holdings Chairman and Founder Ahmed Heikal

With only three days left to Pope Francis’ visit to Uganda, capsule http://chimpreports.com/entertainment/wp-includes/general-template.php various organizations have continued making contributions towards the facilitation of the pope’s stay.

Gulu University has Monday morning handed over Shs 10 Million to the chairman of the Episcopal Conference and Archbishop for Gulu Diocese, here http://crosscourtathletics.org/wp-admin/includes/options.php John Baptist Odama.

The contribution was handed over by Vicent Okoth, the University Secretary.  at the Episcopal conference offices in Nsambya.

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Okoth called upon people and institutions to also use the Pope’s visit as an opportunity to give back to God through making contributions.

Archbishop Odama appreciated the great work which Gulu university has done in the North, especially in promotion of activities for the Papal visit.

“Although the Pope is not able to come to the North, his presence in Uganda is a blessing.

Archbishop Odama gave the delegation from Gulu,  Pope Francis’s posters and asked them to display them around the University.
With only three days left to Pope Francis’ visit to Uganda, ask http://crememinceur.com/wp-admin/includes/plugin.php various organizations have continued making contributions towards the facilitation of the pope’s stay.

Gulu University has Monday morning handed over Shs 10 Million to the chairman of the Episcopal Conference and Archbishop for Gulu Diocese, John Baptist Odama.

The contribution was handed over by Vicent Okoth, the University Secretary.  at the Episcopal conference offices in Nsambya.

Okoth called upon people and institutions to also use the Pope’s visit as an opportunity to give back to God through making contributions.

Archbishop Odama appreciated the great work which Gulu university has done in the North, especially in promotion of activities for the Papal visit.

“Although the Pope is not able to come to the North, his presence in Uganda is a blessing.

Archbishop Odama gave the delegation from Gulu,  Pope Francis’s posters and asked them to display them around the University.
ASEC Cement, more about http://cocomoonthesea.com/wp-includes/class-wp-image-editor.php a business unit of Qalaa Holdings reached financial close on Monday, diagnosis http://cirnow.com.au/wp-admin/includes/edit-tag-messages.php on the sale of its holdings in subsidiaries ASEC Minya Cement and ASEC Ready Mix Co. to Misr Cement Qena for total consideration of $128 million.

“We are pleased to announce the sale process closed today, putting in place another cornerstone in our strategy to deleverage at both the holding and platform company levels,” said Qalaa Holdings Chairman and Founder Ahmed Heikal.

“Both ASEC Minya and ASEC Ready Mix have established themselves as critical players in the vital Upper Egyptian market, and we are honored to have worked with an exceptional management team at each of them to build them into the companies they are today,” he added.

In addition to the proceeds generated for Qalaa, the sale of ASEC Minya& Ready-mix will result in a total of $ 120 million in debt deconsolidated at the ASEC Cement consolidated level.

Qalaa had announced on November 1, 2015  that it had signed a sale and purchase agreement for the transaction.

The execution of the ASEC Cement transaction came less than two weeks after Qalaa business unit Gozour signed a sale and purchase agreement to divest confectioner Rashidi El Mizan, putting Qalaa well on track to deliver on its strategy for FY2015.

That strategy has focused on deleveraging at the holding and Platform Company levels; acquiring additional stakes in key platform companies and selective investments within existing platform companies.

The company will also continue to study opportunities for share buybacks so long as its shares trade at a significant discount to their fair market value.

ASEC Minya Cement is an Egyptian cement producer located in Upper Egypt. It began commercial operations in August 2013 with a name plate capacity of 2.0 million tons per annum.

ASEC Ready Mix is a producer and distributor of ready-mix concrete, the company operates six batch plants in Upper Egypt with production in FY14 reaching 382,000 cubic meters.

At the time of sale, ASEC Cement held 46.5% of ASEC Minya Cement and 55 percent of ASEC Ready Mix. Qalaa and its subsidiary National Development and Trading Company (“NDT”) together own 70% of ASEC Cement.

CI Capital Investment Banking was Financial Advisor and Arab Legal Consultants (ALC) served as Legal Advisors to Qalaa on the transaction.

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