MIH exits Tourah Cement for EGP 45M

Updated 11/30/2020 10:00:00 AM

ArabFinance: Metallurgical Industries Holding (MIH) offloaded its 17.945% stake in Tourah Portland Cement Company, according to a disclosure sent to the Egyptian Exchange.

MIH sold a total of 6,367,429 shares at EGP 7.18 per each, with a total amount of EGP 45,718,140.

Tourah reported a net loss after tax of EGP 151.96 million during the first half of 2020.

Tourah Cement is an Egypt-based company engaged in producing and marketing different types of cement, lime, and building materials. The company produces nearly 4 million tons of cement annually.