ASEC Engineering, a portfolio company of ASEC Holding, has won a second 10-year contract for the technical management of Misr Qena Cement, one of Egypt's leading producers of cement
Citadel Capital (CCAP.CA on the Egyptian Exchange), the leading private equity firm in the Middle East and Africa with US$ 9.5 billion in investments under control, announced today that a key subsidiary of platform company ASEC Holding has signed a technical management agreement with Misr Qena Cement (MCQE.CA on the EGX) for a second 10-year period.
“We are very pleased to have won renewal of this contract, as we feel that this is a clear endorsement of 10 years’ hard work by ASEC Engineering in Qena,” said ASEC Engineering Chief Executive Officer Mohamed Galal Yakout. “We are looking forward to another decade of providing outstanding service to a trusted business partner.”
The award was the result of a limited closed-envelope tender.
ASEC Engineering provides technical management services for 12 kilns with a total output of c.16 million tons of clinker per year. Two of the production lines that ASEC Engineering manages are outside Egypt, namely in Syria and Jordan.
The company is currently engaged in engineering and consulting services for under-construction cement plants including the Arab National Cement Company (ANCC) cement plant in Minya; South Valley Cement Plant in Beni Suef; BMIC Cement Plant in Assuit, as well as a gypsum plant in Ataka, Suez.
“This contract renewal is the result of the tireless efforts of both the negotiating team and the staff of ASEC Engineering and ASEC Automation who contributed to our performance in the past decade,” concluded Yakout.
ASEC Engineering and Management is a wholly-owned subsidiary of ASEC Holding, a platform company of Citadel Capital, the leading private equity in Africa and the Middle East. ASEC Engineering is the leading company for cement technology in the MENA region, providing technical management and consultancy services to regional cement plants since 1975. In addition to the basic services of engineering, consulting and plant operation and management, ASEC Engineering and Management provides specialized services including production optimization, upgrading, major overhauls, specialized maintenance, material testing and certification, and training.
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 of US$ 9.5 billion in 15 countries spanning 15 industries, including mining, cement, transportation, food and energy. Since 2004, Citadel Capital has generated more than US$ 2.2 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 (2007-2012, 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 2791-4439
Fax: +20 22 791-4448
Mobile: +20 106 662-0002