ARESCO finalizes a contract to build a new cement factory in Assiut
ASEC for Manufacturing and Industrial Projects (ARESCO), a turnkey contractor serving the cement, energy, petrochemicals, petroleum and general industrial sectors, announced today that it has signed a US$ 130 million contract to construct a new cement plant for the Building Materials Industry Company (BMIC) in the Upper Egyptian governorate of Assiut.
ARESCO, a subsidiary of ASEC Holding, Citadel Capital’s (CCAP.CA on the Egyptian Stock Exchange) Platform Company in the industrial services and contracting sectors, will be providing all the civil, electrical and mechanical works for the 1.5 million tons per annum cement plant, which is projected to be complete in 22 months. The company will also carry out all the steel fabrication as well as testing and commissioning for BMIC on a turnkey lump sum basis.
“The integration of ARESCO’s in-house design and manufacturing capabilities — which include its own workshops and fleet of cranes — have made the company a strong competitor in both the cement and general industrial sectors,” said Tarek Salah, a Managing Director at Citadel Capital, the leading private equity firm in Africa and the Middle East with investments worth more than US$ 8.3 billion under control spanning 15 industries and 14 countries.
ARESCO, a Portfolio Company of ASEC Group, houses state-of-the-art engineering, steel fabrication and construction units that fabricate quality products including boilers, cement mills, preheaters, tanks, condensers and pressure vessels. With over 4,000 employees, ARESCO is a rapidly growing business that has undertaken turnkey projects in Egypt, Iraq, Jordan, Qatar, Sudan, Algeria and Libya.
Citadel Capital (CCAP.CA on the Egyptian Stock Exchange) is the leading private equity firm in the Middle East and Africa. Citadel Capital focuses on building regional platforms in select industries through acquisitions, turnarounds, and greenfields executed via Opportunity-Specific Funds. The firm’s 19 OSFs now control Platform Companies with investments worth more than US$ 8.3 billion in 14 countries spanning 15 industries, including mining, cement, transportation, food and energy. Since 2004, Citadel Capital has generated more than US$ 2.5 billion in cash returns to its co-investors and shareholders (on investments of US$ 650 million), more than any other private equity firm in the region. Citadel Capital is the largest private equity firm in Africa by PE assets under management (2005-2010, as ranked by Private Equity International). For more information, please visit www.citadelcapital.com.
For more information, please contact:
Ms. Ghada Hammouda
Head of Corporate Communications
Citadel Capital (S.A.E.)
g...@qalaaholdings.com (click to reveal this email)
Tel: +20 2 2791-4440 • Fax: +20 22 791-4448
Mobile: +20 16 662-0002