AACC has a license to build a 3 million ton per annum cement plant in the city of Djelfa, Algeria.
“This transaction further delivers on our strategy of divesting non-essential assets and significantly reducing financial risk by deleveraging at the holding and platform company levels. Our aim is to re-focus management bandwidth on holdings with high growth potential including energy, transportation and logistics, and mining,” said Qalaa Holdings Chairman and Founder, Ahmed Heikal.
The transaction, which is subject to conditions precedent, is expected to close by year-end 2016. Qalaa’s effective (indirect) ownership of AACC (Djelfa) stands at approximately 37%.
