Cemex: back to square one in Egypt? | beyondbrics

Cemex: back to square one in Egypt? | beyondbrics:



"Cemex, the Mexican cement giant, is breathing a little sigh of relief.



 It had been biting its nails ahead of a ruling from an Egyptian appeals court on whether its 1999 purchase, in a privatisation, of Assiut Cement Company (ACC), should stand.



 A lower court in 2012 ordered the purchase agreement annulled in a case brought by two former employees. 




The investment was one of the largest in Egypt, and Cemex now owns 95 per cent of Assiut. Cemex’s Egyptian operations represent roughly 8 to 10 per cent of consolidated ebitda, analysts say, so an unfavourable ruling could have triggered some share selling."



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