CRH and France's Ciments Francais have bid for a 25% stake in Egypt's Suez Cement, according to a statement from Cairo's Stock Exchange yesterday.
The Cairo statement gave no details of price or when a decision would be taken, although sources indicated a decision could be made in about a week's time.
Bids were invited for a 25% investment in the company through a purchase of shares from a capital increase of 10.1 million shares and of a further 5.9 million shares from the share's free float.
Suez postponed the auction deadline to June 7, after only one company made a firm bid by the original deadline of April 9 and a second firm requested a two month extension for due diligence on Suez.
The Egyptian company posted net profits after exceptions of £290 million in 2000, up from £263 million in 1999. Net sales were £658.7 million, down the £691.4 million previously, amid an overall industry downturn.
Suez is about 40% owned by state banks, insurance companies and state cement companies. About 16% is owned by private cement companies.
