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August 19, 2007
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Sunday
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Sha’aban 5, 1428
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Egypt to buy stakes in Kuwaiti firm
KUWAIT, Aug 18: Egypt’s Suez Cement has agreed to buy 47 per cent of Hilal Cement Co. in a deal that values the Kuwait-based firm at 25 million dinars ($88.62 million), the companies said on Saturday.
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.
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