Algeria’s ASEC Cement seeks to divest 35% stake in Zahana cement works

ASEC Cement is seeking to divest its 35% stake in the Zahana cement works. Citadel Capital, the company that manages the Egyptian cement company's portfolio, is seeking to help ASEC Cement focus on its strategic activities and is in preliminary discussions with its Algerian partner GICA (Groupe industriel des ciment d'Algérie). The latter feels that ASEC did not meet its commitments made in 2008. The partnership was to help the site increase from 800,000 tonnes/year to 2 million tonnes/year, but that as of late 2013, the Zahana site only produces 750,000 tonnes.