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[August 2007]
Italcementi Group Takes Control of Hilal Cement
It was announced on 22 August 2007 that the Italcementi Group (Bergamo, Italy), through its Egyptian subsidiary Suez Cement Company, is the new majority shareholder of Hilal Cement in Kuwait.At the end of the offer period, as envisaged by the regulations of the Kuwait Stock Exchange, 47% of Hilal Cement's share capital will be transferred from Boodai Enterprise Company to Suez Cement. This operation, together with a 4% stake which was acquired previously, enables Suez Cement to become the majority shareholder in Hilal Cement with an overall holding of 51%.
Italcementi said that this deal represented the first-ever acquisition of a listed Kuwaiti company by a global company and one of the largest foreign direct investments in Kuwait.
www.italcementigroup.com
ENDS