Egypt's Suez Cement has agreed to buy 47 per cent of Hilal Cement in a deal that values the Kuwait-based firm at 25 million dinars ($88.62 million), the companies said.

Suez, a subsidiary of Italy's Italcementi, would buy the stake from Boodai Enterprises Co, the firms said in a joint statement.

They did not say how much Suez would pay for each Hilal share, only that the deal values Hilal at 25 million dinars.

The 47-per cent stake would be worth 11.75 million dinars, or 0.758 dinar per share, according to a Reuters calculation. Shares of Hilal last traded at 0.760 dinar on Aug. 15.

Hilal has a 17 per cent share of cement consumption in the world's seventh-largest oil exporter, they said. Hilal sold 736,000 tonnes of cement in 2006.

'The cement market in Kuwait is rapidly growing and is presenting significant opportunities not only locally but also regionally,' said Hilal Chairman Yacoub Al Sharhan.

Suez made $625 million of cement sales in 2006. Reuters