Daily News Egypt

Egypt's Attaka to buy state-owned Suez Steel - Daily News Egypt

Advertising Area

Advertising Area



Egypt's Attaka to buy state-owned Suez Steel

CAIRO: Egyptian steel company Attaka has won a deal valued at LE 1.1 billion ($192 million) to buy the state s 82 percent stake in Suez Steel, state news agency MENA said on Tuesday. MENA said that 800 million of the LE 1.1 billion to be paid for Suez Steel would go toward the company …


CAIRO: Egyptian steel company Attaka has won a deal valued at LE 1.1 billion ($192 million) to buy the state s 82 percent stake in Suez Steel, state news agency MENA said on Tuesday. MENA said that 800 million of the LE 1.1 billion to be paid for Suez Steel would go toward the company s debts and LE 300 million would be paid directly to state-owned Banque du Caire, the majority shareholder. Suez Steel was set up in the industrial zone in Suez province in 1997 and started production in 2000. It has a production capacity of 600,000 tons of steel billets a year, using scrap metal and pellets of direct reduced iron. Banque du Caire said in August it had received 27 offers for the state s stake in Suez Steel. The bank has previously said that under a sale agreement, the buyer must agree to buy all shares owned by minority shareholders at the same price paid for the government s stake. Reuters

Topics: FJP

Advertising Area

https://dailyfeed.dailynewsegypt.com/2006/09/14/egypts-attaka-to-buy-state-owned-suez-steel/
Breaking News

No current breaking news

Receive our daily newsletter
Subscribe