Mondi plc agreed to acquire 57.8% stake in Suez Bags Company S.A.E. from Suez Cement Company SAE and Egyptian Tourah Portland Cement Company (S.A.E.) for approximately EGP 160 million.

Mondi plc (LSE:MNDI) agreed to acquire 57.8% stake in Suez Bags Company S.A.E. (CASE:SBAG) from Suez Cement Company SAE (CASE:SUCE) and Egyptian Tourah Portland Cement Company (S.A.E.) (CASE:TORA) for approximately EGP 160 million on December 20, 2017. The transaction is subject to approval of Egyptian Financial Regulatory Authority and the approval of Suez Cement's and Tourah Portland's Board of Directors. As of December 23, 2017, the Board of Suez Cement and Tourah Portland approved the transaction.

EFG Hermes acted as financial advisor to Suez Cement while Zulfcar & Partners acted as legal advisor to Suez Cement and Tourah.