Minya cement plant to start output in April
Cairo, November 6, 2012
The Arab National Cement Company’s (ANCC) $360 million cement plant in Minya will start full production in April 2013.
The cold run phase of the state-of-the-art greenfield project is now in progress, officials revealed as they welcomed the new Minya governor Dr Moustafa Kamel Eissa to the factory.
The 2 million tonnes per year (tpy) plant will create about 1,200 jobs while supplying cement for the governorate’s critical infrastructure projects.
ANCC is a subsidiary of regional cement producer ASEC Cement. The plant is located some 220km south of Cairo in the Minya governorate.
“I was impressed with the progress I saw,” said Eissa. “In addition to providing much-needed employment opportunities, the high-quality Portland grey cement ANCC will produce will capitalise on the abundance of limestone in our governorate.”
ASEC Holding chairman and chief executive officer Giorgio Bodo said the project will adhere to the highest global environmental standards.
ANCC is backed by a $200 million syndicated loan from a consortium of local, regional and international banks led by the Arab African International Bank (AAIB) as the mandated lead arranger and underwriter of the facility, which is split into in two tranches. Participating banks include Banque du Caire, United Bank, National Bank of Greece, Bank of Alexandria, Bank Audi and Faisal Islamic Bank.
ASEC Cement, a leading regional cement group, is the largest shareholder in ANCC with a 45 per cent stake. Other shareholders include Misr Qena Cement (13.9 per cent), Safari Investments (30.7 per cent), IFU/FLS (9.2 per cent) and other shareholders (1.1 per cent). – TradeArabia News Service
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