Egyptian company acquires 35% of Algerian cement factory, plans to invest $77m
The Egyptian company Assik has acquired a 35% stake Algeria's Zahana cement factory in Oran province at a price of 32.6 million euros, Ech Chourouk reported on Sunday (January 6th). The company plans to invest $77 million in order to increase the factory's annual output from 675,000 to 1.8 million tonnes. The revamped factory is expected to be fully operational by the end of January. Assik has already invested $550 million for the construction of a cement factory in Djelfa province, with an estimated annual capacity of 2 million tonnes.
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