Suez Cement Company SAE (CASE:SUCE) made a tender offer to acquire remaining 28.07% stake in Egyptian Tourah Portland Cement Company (S.A.E.) (CASE:TORA) for approximately EGP 140 million on September 28, 2020. Suez Cement Company SAE will acquire 20.1 million shares at EGP 7.18 per share. Upon the execution of the tender offer, Tourah Portland will voluntary delist its share from the EGX.

In a related transaction, HeidelbergCement France SAS made an offer to acquire 32.89% stake in Suez Cement Company SAE. The offer period will begin on October 15, 2020 and will end on November 19, 2020. The Board of Directors of Suez Cement Company SAE approved the transaction.

Zulficar & Partners acted as legal advisor for Suez Cement Company. Grant Thornton Financial Consulting for Marketable Securities S.A.E acted as the financial advisor to Egyptian Tourah Portland Cement Company.