Cairo – Mubasher: Qalaa Holdings on Tuesday announced that its subsidiary, Asec Cement, is looking to exit from Algeria-based Zahana Cement Factory.
Asec holds around a 35% stake in the Algerian facility, Qalaa said in a statement to the Egyptian Exchange (EGX).
The EGX-listed company’s unit has invested nearly $62 million in Zahana Cement and raised its capacity to produce 750,000 tonnes, according to the statement.
A new production line is being constructed at the Algerian factory with a capacity of 1.6 million tonnes per annum, the company indicated, adding that production is expected to commence in early 2020.
It is worth noting that Qalaa Holdings owns 1.86% stake in Asec Cement.