Egypt: France’s Vicat plans to invest Euro50m into its Sinai Cement subsidiary. Gianfranco Tantardini, the managing director of the local subsidiary, said that the cement producer wants to reduce the company’s losses by raising its stake in it, according to Mubasher. Vicat is waiting for the Egyptian government to approve a waiver to the 45% foreign ownership limits for the transaction to happen. In 2003 Vicat acquired a 40% stake in Sinai Cement.
Vicat to invest Euro50m in Sinai Cement
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